President Bola Tinubu announced his intention to approve a new minimum wage that aligns with the government’s financial capacity.
This statement was made on Wednesday during a dinner event in Abuja, celebrating Nigeria’s 25 years of uninterrupted democracy.
During his address, President Tinubu expressed gratitude to those who have supported him over the years. He reassured Nigerians of his commitment to democratic principles, stating, “I have to celebrate with you my dear brother, Senate President, Deputy Senate President.”
He further mentioned that Senate President Godswill Akpabio and Deputy Senate President Jibrin Barau would soon receive an Executive Bill from him concerning the new minimum wage.
Emphasizing financial prudence, President Tinubu remarked, “The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford. Cut your coat according to your size, if you have size at all.”
Additionally, the President vowed to reduce food prices by addressing the issue of banditry, which has displaced many farmers from their lands. In his earlier Democracy Day speech, he paid tribute to MKO Abiola and other democracy heroes.
He also urged Nigerians to support his administration’s economic initiatives and revealed plans to send a new minimum wage bill to the National Assembly soon.
Negotiations between the government and labor unions on Friday, June 7, 2024, did not result in an agreement. The labor unions reduced their demand from ₦494,000 to ₦250,000, while the government increased its offer from ₦60,000 to ₦62,000.
Both parties submitted their reports to the President, who is expected to make a final decision and forward an executive bill to the National Assembly. This bill, once passed, will establish the new minimum wage into law.
