President Bola Tinubu is set to hold a decisive meeting with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on Thursday at the Aso Villa in Abuja. The primary agenda of the meeting is to settle the ongoing discussions regarding a new national minimum wage for Nigerian workers.
The existing Minimum Wage Act of 2019, which established ₦30,000 as the minimum wage, expired in April 2024. This necessitates a review to address the current economic realities faced by workers. The current proposal by the government and the private sector stands at ₦62,000, whereas the organised labour is demanding ₦250,000.
In his Democracy Day speech on June 12, 2024, President Tinubu announced that an executive bill concerning the new national minimum wage would soon be sent to the National Assembly for approval. Subsequently, the Federal Executive Council (FEC) postponed deliberations on the new minimum wage to allow for further stakeholder engagement.
Negotiations for a new minimum wage have been ongoing, with labour unions previously declaring an indefinite strike on June 3, 2024, due to the failure to reach an agreement. This strike significantly impacted various sectors, including airports, hospitals, the national grid, banks, and legislative complexes.
The labour unions argue that the current minimum wage is insufficient given the inflationary pressures and the effects of recent government policies, such as the removal of petrol subsidies and the unification of forex windows. They emphasize the need for a wage that reflects the economic demands and realities faced by the average Nigerian worker.
Despite resumed talks and labour reducing their demand from ₦494,000 to ₦250,000, the government’s counteroffer has only increased to ₦62,000. The final decision now rests with President Tinubu, who will determine the next steps and potentially send an executive bill to the National Assembly to establish the new minimum wage.
This meeting is crucial as it aims to address the economic disparities and improve the living conditions of Nigerian workers. The outcome will significantly impact the nation’s workforce and the broader economic landscape.
