Tinubu to approve affordable new minimum wage

Estimated reading time: 2 minutes

President Bola Tinubu announced on Wednesday night that he will approve an affordable new minimum wage, signaling the National Assembly to expect his memorandum on the final decision soon.

During the 25th Democracy Day Anniversary Dinner at the Old Banquet Hall, Presidential Villa, Abuja, President Tinubu stated that the proposed minimum wage sent to the National Assembly will be one that Nigerians can afford.

Last week, after negotiations on the minimum wage, the Federal Government and the Organized Private Sector (OPS) slightly increased their offer to N62,000 from the initial N60,000. Meanwhile, Organized Labour reduced its demand from N494,000 to N250,000.

The negotiations initially began with the government and OPS offering N48,000, while Organized Labour started with a demand of N615,000.

ALSO READ

• ‘People’ crooner, Libianca reveals she couldn’t afford wigs three years ago
• Full text of the national broadcast by President Bola Tinubu 
• Organized Labour withdraws from minimum wage talks
• JUST IN: FG, Labour resume talks at Villa to avert nationwide strike
• After Obaseki, another south-south governor unveils new minimum wage

Currently, the final offers stand at N62,000 from the government and private sector, and N250,000 from Organized Labour. These figures are now awaiting President Tinubu’s final decision and subsequent bill to the National Assembly for enactment into law.

Addressing the Senate President, Godswill Akpabio, and other colleagues at the dinner, President Tinubu emphasized that the government will meet expectations but will ensure that the wage is one it can afford.

He stated, “Senate President, Deputy Senate President, you’ll get a notice from me if I’ve changed my mind about the minimum wage. We’re going to approve it; what Nigeria can afford, what you can afford, what I can afford. They ask you to cut your coat according to your size, if you have size at all.”