Naija Wahala
A ₦70,000 Minimum Wage has been agreed upon between FG and Labour.
Information Minister Mohammed Idris has stated that a new minimum salary of ₦70,000 has been agreed upon by the Federal Government and Organized Labor.
Leaders of the Labour and President Bola Tinubu met on Thursday and came to an agreement. The minister declared that the National Assembly would be asked to approve the increased minimum wage.
The accord was verified by labor leaders, including TUC President Festus Osifo and NLC President Joe Ajaero. Ajaero said that, as opposed to the previous five-year cycle, the minimum wage would now be evaluated every three years.
The deal comes after months of fruitless negotiations with a tripartite committee on the minimum wage and a series of discussions between labor leaders and the president. Labor had initially wanted $250,000, but the committee had recommended $62,000 instead.
Compared to the current minimum salary of ₦30,000, which labor groups claimed was unsustainable owing to inflation and the high cost of living, the new minimum wage represents a huge boost. The agreed-upon number is viewed as a compromise, and the President had asked for reasonable expectations.
