The Senator representing Edo North, Adams Oshiomhole, has disclosed there is a consensus among workers, the Federal Government, and state counterparts on the urgent need to increase the minimum wage.
Speaking on Channels Television’s Politics Today on Wednesday, Oshiomhole emphasized the collective recognition that the current minimum wage of N30,000 is insufficient to cope with the rising cost of living.
“I think there is some unanimity between employers, including private employers, and obviously the Federal Government and I believe state governments that the current minimum wage of 30,000 is a joke,” Oshiomhole stated.
He further highlighted the shared commitment to addressing the decline in purchasing power experienced by workers across all levels due to the drastic increase in prices.
“In a market economy, there are even countries where wages are indexed to the weight of inflation. So, I think there is a shared commitment that wages should go up and go up radically as much as prices have skyrocketed,” Oshiomhole added.
While expectations were high for the announcement of a new minimum wage during the Workers Day commemoration, the government assured workers that they would not lose anything as the new minimum wage, once agreed upon, would take effect from May 1, 2024.
Minister of State Labour, Nkeiruka Onyejeocha, reiterated this assurance during the May Day celebration in Abuja, acknowledging the ongoing consultations to finalize the new minimum wage.
Oshiomhole commended the government for this commitment, emphasizing the importance of ensuring that workers’ wages align with contemporary economic demands.
The current Minimum Wage Act of N30,000 was signed into law by former President Muhammadu Buhari in 2019, with provisions for a review every five years to accommodate changing economic circumstances.
