President Bola Tinubu has approved a new minimum wage of ₦70,000 for workers. The announcement was made by Presidential aide Bayo Onanuga in a social media post, following a pivotal meeting with leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the presidential villa. This was the second meeting between the parties in seven days, underscoring the urgency and importance of the issue.
The decision to raise the minimum wage comes amidst growing tensions and warnings from the NLC. On Tuesday, the NLC had cautioned the government about the possibility of a month-long strike if there were any attempts to deregulate the national minimum wage. This new wage approval appears to be a strategic move to address these concerns and prevent industrial action that could disrupt the nation’s economy.
In his announcement, President Tinubu not only confirmed the new minimum wage but also committed to a regular review of the wage law every three years. This commitment aims to ensure that the minimum wage remains fair and reflective of economic realities, providing a safeguard for workers against inflation and cost-of-living increases.
“President Bola Tinubu has approved ₦70,000 minimum wage for Nigerian workers with a promise to review the national minimum wage law every three years. President Tinubu also promised to find ways to assist the private sector and the sub-nationals to pay the minimum wage,” the statement read.
This proactive approach includes exploring ways to support the private sector and regional governments in meeting the minimum wage requirements, which is crucial for the sustainability of this new policy. The President’s pledge extends to using his discretionary powers to address other labor concerns, including the demands of university unions for unpaid salaries.
The response from labor leaders has been positive. They praised President Tinubu for his “fatherly gesture,” recognizing the approval of the new minimum wage as a step in the right direction for improving workers’ welfare. The President’s promises to meet the demands of university unions also highlight a broader commitment to addressing labor issues comprehensively.
This development positions President Tinubu’s administration as responsive to the needs of Nigerian workers, potentially fostering a more stable and cooperative relationship with labor unions. As the government looks ahead, the implementation of the new minimum wage and the promised reviews will be closely watched as indicators of the administration’s dedication to improving living standards for its citizens.
In conclusion, the approval of the ₦70,000 minimum wage and the commitment to regular reviews mark a significant milestone in Nigeria’s labor policy. It reflects a balanced approach to addressing immediate labor concerns while laying the groundwork for ongoing improvements in workers’ welfare.
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