In a move aimed at appeasing workers’ unions, President Bola Tinubu has approved a new minimum wage of 70,000 naira for Nigerian employees, a significant increase from the previous 30,000 naira standard.
The announcement came after Tinubu met with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the Presidential Villa in Abuja on Thursday.
According to a statement from the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu has also pledged to review the national minimum wage law every three years.
“President Bola Tinubu has approved 70,000 naira minimum wage for Nigerian workers with a promise to review the national minimum wage law every three years,” Onanuga said.
The President further vowed to find ways to assist the private sector and state governments to ensure they can afford to pay the new minimum wage.
Labour leaders reportedly praised Tinubu’s “fatherly gesture” during the meeting, the second such discussion between the parties in the past week.
Tinubu also promised to use his executive powers to address the outstanding four months’ salaries owed to university unions, a longstanding grievance that has contributed to ongoing strikes.
The new minimum wage, a key demand of the country’s influential workers’ unions, is seen as a strategic move by Tinubu to curry favor with a crucial voting bloc ahead of the 2023 general elections.
As the nation grapples with rising inflation and a cost-of-living crisis, the President’s decision to significantly increase the minimum wage is likely to be welcomed by Nigerian workers, although the ability of employers to meet the new standard remains to be seen.
