JUST IN: President Tinubu Approves New Minimum Wage

President Bola Tinubu has approved a new minimum wage of N70,000. The announcement came following a meeting between President Tinubu and leaders from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) held in Abuja.

The approval was disclosed by presidential aide Bayo Onanuga, who issued a brief statement on Thursday, underscoring President Tinubu’s commitment to enhancing workers’ welfare. According to the statement, President Tinubu also pledged to review the national minimum wage law every three years to ensure it keeps pace with economic realities.

“At the meeting with Labour leaders, President Tinubu emphasized his administration’s determination to support both the private sector and sub-national governments in meeting the new minimum wage obligations,” the statement read.

This decision follows extensive negotiations between the Tripartite Committee, which recently submitted various proposals. While the organized private sector and government initially proposed N62,000, the Labour leaders stood firm on their demand for N250,000.

President Tinubu’s directive to draft a bill amending the 2024 budget to accommodate the new wage was discussed during Monday’s Federal Executive Council meeting. This move aims to expedite legislative approval for the revised minimum wage.

Labour leaders expressed appreciation for President Tinubu’s responsiveness to their demands, describing his actions as a “fatherly gesture.” They also highlighted his commitment to addressing outstanding salary issues within university unions, demonstrating a comprehensive approach to labor welfare under his administration.