Tinubu approves new minimum wage of N70,000 after meeting with trade union leaders

PRESIDENT Bola Tinubu has put paid to the ongoing debate about a new national minimum wage by approving a figure of N70,000 ($44) per month with a caveat that the matter will be reviewed once every three years from now on.

Over recent months, Nigeria's National Minimum Wage Committee has been working on negotiations regarding a new rate to reflect current economic realities. Nigeria's current minimum wage of N30,000 is wholly inadequate, especially in the face of the hyper-inflation tearing the country apart, with labour unions asking for an increment that will guarantee workers are paid a living wage.

So far, the talks have failed to result in an agreement as organised labour, the federal government and the organised private sector have been unable to agree on a new figure. President Bola Tinubu has wadded into the matter lately but up until today, the three sides remained miles apart on what figure should be settled for.

This afternoon, however, President Tinubu met with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the presidential villa in Abuja. Present at the meeting were Mohammed Idris, the minister of information and Nkeiruka Onyejeocha, the minister of labour and employment for the government and Comrade Joe Ajero and Comrade Festus Osifo, the presidents of the NLC and TUC respectively.

Bayo Onanuga, President Tinubu's spokesman, said: “President Bola Tinubu has approved a N70,000 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."

He added that the announced the decision after today's meeting, which was the second time the parties were meeting over the last seven days. Mr Onanuga further noted that labour leaders praised President Tinubu’s fatherly gesture and the president also vowed to exercise his executive discretion to address the outstanding four months’ salaries owed to university unions.

In June, the Nigerian Governors Forum (NGF), rejected a proposed N60,000 minimum wage by the federal government, saying they could not afford it. Now that the federal government has approved a figure of N70,000, the president will have to find a way to convince the governors to pay up and getting them to expand their economies.

Up until today, the trade unions had appealed to President Tinubu to set the new minimum wage at N250,000 per month so it reflects the present inflationary trend in the country and allows workers to live meaningful lives. At the moment, Nigerian inflation is in excess of 30% with the cost of basic foodstuffs rising beyond the reach of the lowest paid workers.