To address the economic challenges of Nigerian workers, President Bola Tinubu has approved a new minimum wage of N70,000. The announcement came after a series of meetings and negotiations with organised labour unions, including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
President Tinubu’s decision to increase the minimum wage from the previous N30,000 reflects his administration’s commitment to improving the living standards of Nigeria’s workforce. The new wage is expected to ease the financial burden faced by many workers and their families, especially amid rising inflation and high cost of living.
In the announcement, President Tinubu stressed the importance of regularly reviewing the minimum wage to ensure it remains relevant and effective in addressing the country’s economic realities. He pledged to review the national minimum wage law every three years, a significant change from the previous five-year review cycle.
The labor unions, led by NLC President Joe Ajaero and TUC President Festus Osifo, expressed satisfaction with the outcome of the negotiations. They acknowledged the government’s efforts to address workers’ concerns and its promise to consider the rights of its members. Association of Senior Staff of Nigerian Universities (SSANU) and Federation of Universities and Related Organizations (NASU).
President Tinubu also assured the labor unions that the government is committed to reducing transportation costs by introducing buses that run on Compressed Natural Gas (CNG), which will be cheaper and more efficient. He directed the Ministries of Finance and Budget & Economic Planning to find ways to support the private sector and the lower levels of government in paying the new minimum wage.
The decision to raise the minimum wage has been met with mixed public reaction. While many workers and labor unions have welcomed the move, some have expressed concerns about the ability of the government and the private sector to meet the new wage obligations. Critics have argued that the new minimum wage could lead to job losses and business closures without corresponding increases in productivity and economic growth.
As the country adjusts to the new minimum wage, all eyes will be on the government’s ability to effectively implement the changes and ensure that Nigerian workers feel the benefits.
