President Bola Tinubu has announced the conclusion of negotiations on a new minimum wage with organized labor and the private sector.
In his Democracy Day address, the president revealed that an executive bill will soon be sent to the National Assembly to enshrine the new minimum wage into Nigerian law.
While President Tinubu did not specify the agreed-upon amount, it is believed that the minimum wage could be set at N62,000, a figure previously proposed by the Tripartite Committee. This committee includes representatives from the federal government, organized labour, and the private sector.
“The new minimum wage, agreed upon with organized labor, will be part of our law for the next five years or less,” Tinubu stated in his televised address. He emphasized that the country’s economy, which has long been reliant on oil revenues, requires significant reform to achieve stability and growth.
The president’s remarks signal a critical step in formalizing the minimum wage increase, aiming to address the economic challenges faced by Nigerian workers. The executive bill’s forthcoming submission to the National Assembly marks the next phase in this legislative process.
Follow link for the full speech and additional details
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