The Federal Government and organised labour have reached an agreement on a new minimum wage of N70,000, despite the initial demand of N250,000 by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
PLATFORM TIMES gathered that the decision, approved by President Bola Tinubu, comes after extensive negotiations between the government and labour unions.
Comrade Joe Ajaero, President of the NLC, explained the rationale behind accepting the N70,000 offer during a brief session with journalists following the meeting.
Ajaero highlighted two main reasons for the unions’ acceptance of the reduced figure.
Firstly, he pointed to additional incentives attached to the new minimum wage, although the specifics of these incentives were not detailed.
These incentives are expected to provide supplementary financial relief to workers, making the overall package more acceptable despite the lower base wage.
Secondly, Ajaero emphasized President Tinubu’s commitment to a regular review of the minimum wage.
Unlike previous administrations, which have often delayed wage reviews, Tinubu’s administration has promised a review every three years.
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