Finance Minister Submits Minimum Wage Template to President Tinubu Today

Negotiations between the Federal Government and Organized Labour on the new national minimum wage will resume today, following a brief adjournment. The adjournment came as the Tripartite Committee on National Minimum Wage awaits the submission of a salary template by the Minister of Finance, Wale Edun, to President Bola Tinubu.

President Tinubu had mandated Edun to provide the cost implications of a new minimum wage within 48 hours, following a directive issued during a meeting with government negotiators led by the Secretary to the Government of the Federation, George Akume, at the presidential villa in Abuja.

A source privy to the committee’s discussions indicated that the delay was a strategic decision to allow the submission of the template. “The meeting has been adjourned until Thursday. We showed understanding because we all know that the president gave the minister of finance 48 hours to come up with a minimum wage. So, we decided to give them the time. We will be meeting by 2 p.m.,” the source said.

The Finance Minister’s template is seen as crucial for advancing the minimum wage talks. The Minister of Information and National Orientation, Mohammed Idris, highlighted that the President wants to understand the financial ramifications of the proposed wage increase.

“The President has directed the minister of finance to do the numbers and get back to him between today and tomorrow so that we can have figures ready for negotiation with labour,” Idris said, stressing the President’s commitment to the welfare of Nigerians.

Despite efforts to negotiate, labour unions launched a nationwide strike on Monday and Tuesday, disrupting economic activities and prompting an emergency meeting by the Federal Government. Following discussions with the SGF, National Assembly leaders, and the National Security Adviser, Nuhu Ribadu, the unions suspended their strike for five days after the President agreed to consider a national minimum wage higher than N60,000.

The President of the Trade Union Congress, Festus Osifo, indicated the unions’ willingness to compromise, moving away from their initial demand of N494,000, provided the new wage reflects the purchasing power equivalent to previous adjustments.

Airlines, heavily affected by the strike, reported substantial revenue losses. United Nigeria Airlines and Ibom Air executives expressed concerns over the financial impact, emphasizing the need for essential services to be exempt from such strikes.

Experts, including Debo Adeniran of the Centre for Anti-Corruption and Open Leadership and Auwal Rafsanjani of the Civil Society Legislative Advocacy Centre, urged swift and realistic negotiations to avoid prolonged economic disruption and restore stability.