Lagos State Governor, Babajide Sanwo-Olu, has announced a new minimum wage of N85,000 for workers in the state.
He made this disclosure on Wednesday evening during an interview on Channels TV, titled “One-On-One with Babajide Sanwo-Olu.”
He said, “You mentioned minimum wage and what I need to throw in for my people. I’m glad to let you know that the minimum wage for Lagos, which we’ve discussed with our union, is N85,000 today.”
The governor emphasized that the new wage is not meant to compete with other states but is based on Lagos’ financial capacity. “It’s not a competition, so I’m not going to say that we’re paying more than some other people; it’s a function of affordability and a function of capacity,” he added.
Sanwo-Olu also hinted at the possibility of another wage increase in January 2025, saying, “We increased our salary earlier in the year, and I would like to come in January and say I’ve been able to increase the minimum wage in Lagos to N100,000.”
This announcement comes after President Bola Tinubu approved a national minimum wage of N70,000 in July 2024 to address the rising cost of living following the removal of the petrol subsidy and the devaluation of the Naira.
The inflation rate in Nigeria had soared to a 28-year high of 34.19% in June 2024, with food inflation exceeding 40%.
