Minimum Wage: Tinubu Agrees to Pay N70,000

Abuja, Nigeria – July 18, 2024: President Bola Ahmed Tinubu has approved a new minimum wage of N70,000 for Nigerian workers. This decision follows a meeting with labour leaders, including the President of the Nigerian Labour Congress (NLC), Joe Ajaero, and the President of the Trade Union Congress (TUC), Festus Osifo.

The agreement was reached after the labour leaders had a week to consult with their members. Initially, the government proposed N60,000, which was later raised to N62,000. However, the labour unions had demanded N494,000, then revised it to N250,000. The final figure of N70,000 was accepted as a compromise.

Minister of Information and National Orientation, Mohammed Idris, highlighted that the wage increase would soon be presented to the National Assembly for legislation. He also emphasized the government’s commitment to improving infrastructure, investing in renewable energy, and increasing the number of Compressed Natural Gas (CNG) buses.

In addition, the wage review period has been shortened from five years to three years to ensure timely adjustments based on economic conditions.

Minister of State for Labour, Nkeiruka Onyejeocha, praised President Tinubu’s decision, stating it reflects his role as a compassionate leader prioritizing the welfare of Nigerian workers.

Additional Updates:
Investment in Infrastructure: Massive investments in infrastructure and renewable energy are expected to follow the wage increase.
CNG Compliance: The government plans to increase the number of CNG buses to improve transportation.
Review Period: The minimum wage will now be reviewed every three years instead of five.
This new wage policy aims to enhance the standard of living for Nigerian workers and reflects a significant step towards addressing economic challenges in the country.