President Bola Tinubu has instructed Finance Minister and Coordinating Minister of the Economy, Wale Edun, to formulate a new minimum wage plan with cost implications within two days. This directive was issued during a meeting with government delegates negotiating a revised minimum wage with labor unions.
Minister of Information and National Orientation, Mohammed Idris, disclosed the president’s order, emphasizing the urgency of having figures ready for upcoming negotiations. Key government negotiators, including the Secretary to the Government of the Federation, George Akume, and the Minister of Budget and Economic Planning, Atiku Bagudu, were present at the meeting.
Idris highlighted the government’s commitment to the welfare of Nigerians and the importance of balancing wage increases with economic realities. He affirmed the president’s readiness to follow the committee’s recommendations and emphasized the government’s openness to dialogue with labor unions.
The meeting aimed to create a sustainable and realistic wage proposal involving sub-national entities and the private sector. The president has mandated all stakeholders to collaborate on a wage plan that meets the needs of Nigerians and is economically viable.
Recent negotiations resulted in a commitment to raise the minimum wage above the current proposal of N60,000. To finalize this, the Tripartite Committee on National Minimum Wage will meet daily for a week to develop an acceptable and sustainable wage structure.
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) suspended their strike for five days to facilitate these discussions. Both parties are dedicated to reaching a mutually acceptable agreement swiftly.
