President Bola Tinubu has reportedly offered a new minimum wage of N70,000 for Nigerian workers and committed to reviewing the national minimum wage law every three years to ensure it keeps pace with economic realities.
In addition to the wage increase, President Tinubu pledged to explore ways to support the private sector and sub-national governments in implementing the new minimum wage. He emphasized the importance of collaboration across all government and private sector levels to ensure the wage hike is sustainable and beneficial for all workers.
The President is also said to have promised to use his discretion to address the demands of university unions, including paying four months of unpaid salaries.
These decisions were announced during a meeting with leaders of the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) on Thursday in Abuja. This meeting marked the second time in a week that the President had engaged with labor leaders to address workers’ concerns.
The offer may be a significant step in resolving the contentious question of minimum wage amid high inflation and currency devaluation.
No Reaction From Labour Unions Yet
There has been no reaction from the labor unions. Usually, the unions will convene a national executive council meeting to deliberate on the new offer from the Nigerian government.
At the last negotiation, the unions pegged their demand at N250,000, while the state governors said the subnationals could only afford N62,000.
If the unions concede to N70,000 minimum wage, it will be more than 100% of the current salary of N30,000, bringing the minimum wage impasse to a close.
However, official inflation figures are at 35%, but basic essential commodities, including energy costs such as petrol, have doubled or tripled in price since the reforms of President Tinubu in June 2023.
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