President Bola Tinubu has approved N70,000 minimum wage for Nigerian workers, promising to review the national minimum wage law every three years.
Mohammed Idris, Minister of Information, announced this at the Presidential Villa in Abuja, on Thursday.
According to Idris, the president made the announcement at the ongoing meeting with leaders of the organised labour.
Comrade Joe Ajaero, President of Nigeria Labour Congress (NLC), and Comrade Festus Usifo, President of the Trade Union Congress (TUC), are at the meeting alongside some members of their unions.
Before the meeting, labour leaders had insisted on N250,000 minimum wage.
Last week, President Tinubu met with Labour leaders over the Minimum wage issue where he declared that Nigerian workers deserve improved welfare, better wages, as well as safe and enhanced working conditions.
The President also said he was concerned about the welfare of Nigerian workers and that his administration was working seriously to come up with a wage that would be acceptable to all.
Idris also said President Tinubu would perfect the proposal on the new minimum wage in a bill to be forwarded to the National Assembly next week.
“We’re happy to announce today that both the federal government and Organised Labour have agreed on an increase on the N62,000.
“The new national minimum wage that we expect to be submitted to the National Assembly for legislation is N70,000.
“But that is not all. Mr President has assured of massive investment in infrastructure. There is also a deepening of the investment of the Federal Government in renewable energy,” he said.
Idris said to complement the new minimum wage, the Federal Government would ramp up the rollout of Compressed Natural Gas-powered buses in order to check the high cost of transportation.
He said that efforts were also being made to improve the economy and reduce inflation, including the recent directive on the suspension of duty on certain food imports to bring down the prices of food items.
Hon. Nkeiruka Onyejeocha, Minister of State for Labour, said that the issue of minimum wage was not that of the law and not who was right, or who would blink first.
“He said that he is our father, like he has always said. That, first and foremost, the review of this minimum wage policy has to be reduced to three years, that five years is too long a time to get any minimum wage review.
“And of course, that Labour should look at the indices of the economy and accept N70,000, minimum wage,” she said.
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