The Organised Private Sector (OPS) in Nigeria has called on the government for assistance to meet the newly agreed N70,000 national minimum wage. Employers within the private sector assert that without government support, they cannot afford to pay the revised wage, which was recently accepted by the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC).
It was earlier noted that leaders of the NLC and TUC confirmed their acceptance of the new minimum wage, as offered by President Bola Tinubu’s administration. Minister of Information Mohammed Idris revealed that the President made this announcement during a meeting with labor leaders at the Presidential Villa in Abuja.
NLC President Comrade Joe Ajaero, accompanied by TUC President Comrade Festus Usifo and other worker representatives, expressed their conditional acceptance of the N70,000 minimum wage. Ajaero highlighted that the decision was influenced by additional incentives and the President’s promise to review the minimum wage every three years, a departure from previous practices. Initially, the labour unions had demanded a minimum wage of no less than N250,000, underscoring the substantial compromise made in negotiations.
In response to the government’s decision, Adewale-Smatt Oyerinde, spokesperson for the OPS and Director General of the Nigeria Employers’ Consultative Association (NECA), stated that while the private sector appreciates the resolution of the minimum wage issue, it requires significant support to implement it.
Oyerinde emphasized the OPS’s position: “While we appreciate the President for resolving the immediate National Minimum Wage issue, we also acknowledge his crucial commitment to assist sub-national entities and the Organised Private Sector in meeting the new wage requirement.”
The appeal from the OPS highlights the financial strain that the new wage policy may impose on private sector employers. The successful implementation of the N70,000 minimum wage is now contingent on the government’s ability to provide the necessary support, ensuring that both public and private sector workers benefit from the wage increase without causing undue economic stress on businesses.
This development marks a pivotal moment in Nigeria’s economic landscape, with the government’s response potentially shaping the future of labour relations and economic stability in the country.
PIONEER NEWS 