President Bola Tinubu has announced a new minimum wage of N70,000 for Nigerian workers, effective immediately, News About Nigeria reports.
He also committed to reviewing the national minimum wage law every three years.
During a meeting with labour leaders, President Tinubu promised to support the private sector and sub-nationals in implementing the new minimum wage.
In a statement by Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, he said: “President Tinubu also promised to find ways to assist the private sector and the sub-nationals to pay the minimum wage.
“President Tinubu announced the decisions at the meeting held with leaders of TUC and NLC on Thursday in Abuja, the second time the parties met in 7 days.
“The Labour leaders applauded President Tinubu for the fatherly gesture as the President also promised to use his discretionary powers meet the demands of university unions demanding unpaid 4 months salaries.”
Over the past few months, labour unions, federal and state governments, and the private sector have been deliberating on a new minimum wage.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) proposed N494,000 as the new minimum wage, citing inflation and the prevailing economic hardship in the country while rejecting the federal government’s proposed N60,000 offer.
On June 3, the labour unions grounded the nation’s economy over the minimum wage dispute.
On June 7, state governors under the aegis of the Nigerian Governors Forum (NGF) said a N60,000 minimum wage would be unsustainable.
The federal government had asked the labour unions to demand a more realistic and sustainable wage.
Labour had insisted on a N250,000 minimum wage.
President Bola Tinubu had also directed Wale Edun, minister of finance, to present the cost implications for a new minimum wage.
Mohammed Idris, minister of information and national orientation, said the presentation would form the basis of further negotiations
