By John Joseph
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The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has explained why the Organised Labour accepted the proposal of N70,000 minimum wage from President Bola Tinubu. Ajaero spoke to State House reporters after a meeting with the President, stating that the unions agreed to the offer due to other incentives attached to it.
According to Ajaero, one of the reasons for accepting the offer is that President Tinubu promised a review of the minimum wage every three years, unlike in the past. This promise of regular review was a significant factor in the unions’ decision to accept the proposal.
President Tinubu approved the sum of N70,000 as the national minimum wage during a meeting with the leadership of the Organized Labour in Abuja. This meeting followed an initial meeting between the President and Labour leaders the previous week.The new minimum wage, when approved by the National Assembly, will replace the current N30,000 minimum wage, which expired on April 18, 2024.
President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, announced the new wage via his official X handle.In addition to the new minimum wage, President Tinubu promised to find ways to assist the private sector and sub-nationals in paying the minimum wage.
He also announced that he would use his discretionary powers to meet the demands of university unions regarding unpaid salaries.The Labour leaders praised President Tinubu for his “fatherly gesture” and appreciated his willingness to engage with them on the minimum wage issue.”We are satisfied with the outcome of the meeting, and we believe that the new minimum wage will improve the standard of living for Nigerian workers,” Ajaero said.
The NLC President also commended President Tinubu for his commitment to reviewing the minimum wage every three years, saying it would help to ensure that workers’ salaries keep pace with inflation and economic growth.With the acceptance of the N70,000 minimum wage proposal, Nigerian workers can expect a significant increase in their take-home pay.
The new minimum wage is expected to benefit millions of workers across the country and help to reduce poverty and inequality.However, some analysts have expressed concerns about the impact of the new minimum wage on the economy, particularly on small businesses and the private sector. They argue that the increase in wages could lead to higher production costs and potentially hurt economic growth.
Despite these concerns, the acceptance of the N70,000 minimum wage proposal is seen as a major victory for Nigerian workers and a significant step towards improving their standard of living.