President Bola Tinubu will meet with the leaders of the Nigeria Labour Congress and Trade Union Congress in Abuja on Thursday to discuss a new minimum wage for Nigerian workers.
The meeting will be held at the Aso Villa, as reported by Channels Television.
The President will review the ₦62,000 proposal from the government and private sector, and the ₦250,000 demand from the Organised Labour.
This discussion follows President Tinubu’s Democracy Day speech on June 12, 2024, where he announced plans to send an executive bill on a new national minimum wage to the National Assembly.
On June 25, the Federal Executive Council, chaired by the President, delayed deliberation on the new minimum wage memo to allow more engagement with stakeholders. President Tinubu and Vice President Kassim Shettima, at the 141st meeting of the National Economic Council, met with governors and ministers to deliberate on the new wage.
The current Minimum Wage Act, which set the minimum wage at ₦30,000, expired in April 2024 and should be reviewed every five years.
In January, President Tinubu established a Tripartite Committee, including Organised Labour, federal and state government representatives, and the Organised Private Sector, to negotiate a new minimum wage.
However, the committee failed to reach an agreement, leading to an indefinite industrial action by labour on June 3, 2024, which caused disruptions in various sectors.
Labour unions argue that the ₦30,000 minimum wage is insufficient due to inflation and the economic impact of policies like petrol subsidy removal and forex unification. They have since reduced their demand from ₦494,000 to ₦250,000, while the government has increased its offer from ₦60,000 to ₦62,000.
Both sides have submitted their reports to President Tinubu, who is expected to make a decision and send an executive bill to the National Assembly to pass a new minimum wage law.
“The current minimum wage cannot cater to the well-being of an average Nigerian worker,” said the labour unions. They urged the government to provide a more realistic wage that aligns with current economic conditions.
