By John Joseph
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The Trade Union Congress (TUC) has revealed plans to push for an annual increase in the minimum wage to reflect the current inflation rate. Festus Osifo, the president of the TUC, emphasized the need for the minimum wage to be adjusted annually to keep pace with inflation.
Osifo explained that instead of waiting for five years to review the minimum wage, the government should consider adjusting it annually based on the previous year’s inflation rate. He cited the example of the National Bureau of Statistics releasing the inflation figure for December, which could be used to adjust the minimum wage.
The TUC president stressed that this approach would ensure that the minimum wage remains reflective of the true value of the naira. He noted that the current minimum wage of N70,000 was agreed upon in July 2024, after months of negotiations with the Federal Government.
However, with the rising cost of living, attributed to the increase in energy costs and petrol subsidy removal, labour unions have argued that the current minimum wage is insufficient. Osifo emphasized that the TUC, along with the Nigeria Labour Congress (NLC), has begun talks with the government to push for a decent living wage.
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