In a landmark decision aimed at alleviating the economic challenges faced by Nigerian workers, President Bola Tinubu approved a new minimum wage of N70,000 on Thursday. This historic announcement was made public by presidential aide Bayo Onanuga via a statement on X, formerly known as Twitter.
The statement reads: “Breaking: President Bola Tinubu has approved N70,000 minimum wage for Nigerian workers with a promise to review the national minimum wage law every three years. President Tinubu also pledged to explore ways to assist the private sector and sub-national governments in meeting this new wage standard.”
This decision came during a crucial meeting in Abuja with leaders of the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC), marking the second time the parties have convened in a week. The Labour leaders commended President Tinubu for his “fatherly gesture” and his commitment to addressing the demands of university unions, who have been calling for the payment of four months’ unpaid salaries.
The Tripartite Committee on the new national minimum wage recently presented its recommendations to the President. While the organized private sector and government representatives had proposed N62,000, the labour unions steadfastly demanded N250,000. This discrepancy led to a delay in sending any proposal to the National Assembly.
However, at Monday’s Federal Executive Council meeting, President Tinubu directed the Minister of Budget and Economic Planning, Abubakar Bagudu, to draft a bill amending the 2024 budget to incorporate the new minimum wage. This decisive move underscores the administration’s dedication to improving the livelihood of Nigerian workers.
With this new wage policy, President Tinubu not only aims to enhance the standard of living for workers but also to foster economic stability and growth across the nation. As the government and labour unions continue to negotiate, this approval sets a promising precedent for future labour relations in Nigeria.
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