Federal Government and Labor Unions Reach Agreement on New Minimum Wage

After prolonged negotiations, the Nigerian Federal Government and organized labor representatives have finally reached a consensus on a new national minimum wage. The agreed-upon figure stands at 70,000 naira per month, marking a substantial increase from the previous rate.

This breakthrough was announced following a high-level meeting at the Presidential Villa in Abuja, where President Bola Tinubu met with labor union leaders. The Minister of Information and National Orientation, along with the President’s Special Adviser on Information and Strategy, confirmed the outcome to journalists.

Key points from the agreement include:

1. The new minimum wage is set at 70,000 naira monthly.
2. President Tinubu has promised to review the national minimum wage law every three years instead if the previous 5 years review.
3. The government will explore ways to support both private-sector employers and sub-national governments in implementing the new wage structure.
4. The President has committed to addressing the demands of university workers, including resolving the issue of unpaid salaries.

Labour leaders present at the meeting reportedly expressed satisfaction with the President’s approach, describing it as fatherly. This agreement comes after months of discussions and represents a significant step in addressing workers’ concerns about fair compensation in the face of economic challenges.

The implementation timeline and other specifics of the agreement are yet to be disclosed. This development is likely to have far-reaching implications for both public and private sector workers across Nigeria.