President Bola Ahmed Tinubu has approved an increase in the national minimum wage to N70,000. This decision was announced at a meeting held at the Presidential Villa in Abuja on Thursday the , which was attended by key labour leaders and government officials.
The announcement was made by the Minister of Information and National Orientation, Mohammed Idris, at the conclusion of the meeting between the organized labour and the government. Present at the meeting were Joe Ajaero, President of the Nigerian Labour Congress (NLC), and Festus Osifo, President of the Trade Union Congress (TUC). The labour leaders arrived in a white 32-seater Coaster bus and headed straight to the first-floor office of the President, where the discussions took place.
According to a statement released by Bayo Onanuga, the Special Adviser to President Tinubu on Information and Strategy, The President has not only sanctioned the new minimum wage but also committed to reevaluating the national minimum wage law every three years. This periodic review is aimed at ensuring that the minimum wage keeps pace with the economic realities and the cost of living in the country.
During the meeting, the labour leaders expressed their gratitude to President Tinubu for what they described as his “fatherly gesture.” They commended his commitment to improving the living standards of Nigerian workers and acknowledged his efforts in addressing their concerns.
In addition to approving the new minimum wage, President Tinubu pledged to find ways to support the private sector and sub-national governments in implementing the wage increase. This is a critical step as it ensures that the burden of the wage hike is not solely borne by the federal government but is shared across different sectors of the economy.
The President also promised to use his executive powers to address the demands of university unions, who have been clamouring for the payment of their outstanding salaries. This assurance was well-received by the labour leaders, who noted the President’s willingness to listen to their grievances and take concrete steps to resolve them.
This latest development follows a series of meetings between the government and labour unions. It marks the second time in seven days that both parties have met to discuss and negotiate terms that will benefit Nigerian workers. The continuous dialogue underscores the government’s commitment to maintaining open channels of communication with the labour unions and addressing their issues in a timely and effective manner.
President Tinubu’s approval of the N70,000 minimum wage is a positive step towards enhancing the welfare of Nigerian workers and ensuring that they are adequately compensated for their hard work. This move is expected to have a ripple effect across the economy, boosting the purchasing power of workers and contributing to overall economic growth.
RELATED: Obaseki Increases Minimum wage to N70,000
One thought on “FG Approves New N70,000 Minimum Wage for Nigerian Workers”