FG Announces Date For Commencement Of New Minimum Wage

Nkeiruka Onyejeocha, the Minister of State for Labour, has provided assurance to Nigerian workers that the long-awaited national minimum wage increase will come into effect on May 1, 2024. Despite ongoing negotiations by the Tripartite Committee On National Minimum Wage, Onyejeocha affirmed the government’s commitment to implementing the new wage structure.

Acknowledging the delay in finalizing the new minimum wage, Onyejeocha stressed that extensive consultations are currently underway to expedite the process. The Tripartite Committee On National Minimum Wage continues to engage stakeholders to ensure that the new wage adequately addresses the needs of workers while considering prevailing economic conditions.

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have been vocal in their calls for a swift resolution to the wage review. Advocating for a new minimum wage of N615,000, the labor unions have cited the challenging economic realities and the high cost of living in Nigeria as compelling reasons for the increase.

Minimum wage act

The Minimum Wage Act of 2019 stipulates a mandatory review every five years to reflect changes in economic dynamics. As such, the current negotiations aim to align the minimum wage with evolving economic conditions, ensuring that Nigerian workers receive fair compensation for their contributions to the nation’s development.

Despite the ongoing negotiations, workers can anticipate tangible improvements in their remuneration come May 1, 2024. The government’s commitment to addressing workers’ welfare underscores its recognition of the pivotal role played by the labor force in driving national progress and prosperity.