FG, Labour benchmark N70,000 as new national minimum wage

Information Minister Mohammed Idris said the meeting between President Bola Tinubu and organised labour ended Thursday with agreement to cap the new national minimum wage at seventy thousand naira.

This resolution was reached at the end of the rescheduled meeting between leadership of the Nigeria Labour Congress and Trade Union Congress with President Bola Tinubu and some members of his cabinet in the presidential villa on Thursday.

“We are happy to announce today (Thursday) that both the Organised Labour and the Federal Government have agreed on an increase on the N62,000 minimum wage. The new national minimum that Mr President is expected to submit to the National Assembly is ₦70,000,” an elated Idris told State House correspondents.

Responding, Ajaero said the Organised Labour would consult with their members on the ₦70,000 benchmark as well as the proposal to renegotiate minimum wage every three years as against every five years as is currently scheduled.

“We were here last week. And we are here now. What they have announced in terms of the amount of ₦70,000 happens to be where we are now. But the thing about it is that we will not wait for another five years to come and agree,” Ajaero said.

President Tinubu also promised more incentives , especially the provision of CNG buses, massive investment in infrastructure, and more economic opportunities for Nigerians.

The president as well approved the payment of outstanding arrears and entitlements of the academic staff union of universities and the senior staff association of nigeria universities

The new national minimum wage will now be submitted as a bill to the national assembly for legislation, before it is sent back to the president for assent to becomes law.