OVER N100K! Tinubu Govt Shocks Everyone, Proposes Significant Amount As Minimum Wage; SEE How Much Was Offered
In a significant move aimed at addressing the economic challenges faced by Nigerian workers, the Minister of Finance, Wale Edun, has proposed a new minimum wage of N105, 000 per month. This proposal was presented to President Bola Ahmed Tinubu on Thursday, POLITICS NIGERIA has exclusively learnt. The proposal comes amidst escalating demands from labor unions for higher wages due to the rising cost of living.
The Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) had previously demanded a minimum wage of N494, 000, leading to a workers’ strike. However, after intense negotiations, both parties reached an agreement, and President Tinubu mandated Edun to devise a new minimum wage template, which was to be submitted by Wednesday.
The proposed N105, 000 minimum wage represents a significant increase from the current N30, 000, reflecting the government’s recognition of the economic pressures faced by workers. The NLC had argued that the existing wage was insufficient given the soaring inflation and cost of living. The new proposal aims to mitigate these challenges and improve the standard of living for Nigerian workers.
Labour unions have emphasized the necessity of a realistic and sustainable wage that aligns with the current economic realities. The NLC had directed its state councils to collect data on the cost of living across various regions to support their demands. This comprehensive data collection was intended to ensure that wage negotiations were based on empirical evidence rather than sentiments.
The backdrop to this proposal includes a series of labour actions. and negotiations. The NLC and TUC had initially called for a strike in response to the government’ s refusal to meet their wage demands. Following a day of industrial action, both parties resumed negotiations, ultimately leading to the current proposal. The labor unions had also been vocal about the need for a substantial increase in wages, with some demands reaching as high as N794, 000 for workers in the South West. The proposed minimum wage of
N105, 000 is now under review by President Tinubu, with an official announcement expected soon. This proposal marks a critical step towards addressing labor concerns and enhancing the economic well-being of Nigerian workers. It also underscores the government’ s commitment to fostering a more equitable and sustainable economic environment.
In the broader context, this wage
adjustment is part of a series of
measures the government is
implementing to stabilize the
economy and improve living
standards. The removal of fuel
subsidies and the floating of the nairal have significantly impacted the cost of living, making the adjustment of the minimum wage a crucial component of economic policy. As Nigeria awaits the official announcement, the proposed minimum wage serves as a hopeful indication of the government’s responsiveness to the needs of its workforce. The successful implementation of this wage increase will likely require collaboration between the government, labor unions, and employers to ensure a smooth transition and sustainable economic growth.
