President Bola Tinubu and organized labor have agreed on N70,000 as the new national minimum wage.
The agreement was reached on Thursday at a meeting he held at the Presidential Villa, Abuja, with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), led by their presidents, Joe Ajaero and Festus Usifoh, respectively.
Minister of Information and National Orientation, Mohammed Idris, disclosed the agreement while briefing correspondents at the end of the meeting.
He said the president shifted from N62,000 to N70,000 with a commitment to embark on massive investment in infrastructure, renewable energy, as well as making CNG buses available. The review of the national minimum wage will now occur every three years.
The Minister of Information said, “Today is a happy day for Nigeria. Last week, we had a meeting here where the organized private sector and sub-nationals also met with Mr. President following the submission of the tripartite agreement. Labour came last week and requested an adjournment for a week to further consult.
“They conducted those consultations and returned today for our meeting with Mr. President.
“We’re pleased to announce today that both the federal government and organized labor have agreed to increase the minimum wage from N62,000 to N70,000. But that’s not all. There are additional commitments Mr. President has made, ensuring significant investments in infrastructure and renewable energy.
“We’re transitioning to renewable energy and other initiatives Mr. President assured Labor about. The issues of SSANU and NASU will also be addressed. We’re grateful for organized labor’s patriotism and their recognition of the federal government’s role in achieving local government autonomy. Today, both organized labor and the government are aligned.
“They’ve seen the President’s generosity, and today, labor leadership stated they didn’t come here to negotiate but rather out of deep patriotism to ensure Nigeria remains united and prosperous.
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“It’s in this spirit they agreed with the federal government’s actions today. We thank them for their patriotism and Mr. President, the federal government, sub-nationals, and organized private sector for their exhaustive efforts ensuring Nigeria benefits.”
Minister of State for Labor, Nkeiruka Onyejeocha, said the President assured labor leaders that he is also their president and promised not to disappoint. He pledged to review wages every three years.
“At the end of the day, consultations proved fruitful because the President acted as a father, stressing it’s not about who’s right or will yield first. He said the review of this minimum wage policy must occur every three years, as five years is too long. He asked Labor to consider economic indicators and accept N70,000 as the minimum wage.”
Onyejeocha confirmed that President Tinubu instructed the Minister of Finance and the Coordinating Minister for the Economy, Wale Edun, to resolve the issue of withheld four-month salaries of SSANU and NASU members.
“He directed the Minister of Finance and Economic Planning to review the books and resolve the issue of SSANU, NASU, and others. He exercised discretion, allowing 50% payment, given the ‘no work, no pay’ policy.”
In his remarks, NLC President Joe Ajaero said organized labor agreed to the N70,000 minimum wage with mixed feelings due to the country’s current economic conditions.
He highlighted their satisfaction with the wage review every three years instead of five.
“We were here last week and now we’ve agreed on N70,000. We won’t wait another five years for a review. We’ll negotiate twice in five years to increase the wage. We’ll take it back to our constituents to gain their support.
TUC President Usifoh provided further insight into the agreement on N70,000, citing the need for more frequent reviews given rapid economic changes.