On Thursday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, met with President Bola Tinubu at the State House in Abuja to discuss the new national minimum wage. The Minister of Budget and Economic Planning, Atiku Bagudu, was also present.
During the meeting, Edun presented a new minimum wage template to President Tinubu, meeting the 48-hour deadline set by the President. After the meeting, Edun addressed the press, stating, “There is no cause for alarm,” but did not provide further details.
According to sources quoted by WesternPost, the proposed new minimum wage is ₦105,000 (approximately $220 USD) per month for Nigerian workers. President Tinubu is currently reviewing the proposal, and an official announcement is expected soon. The government team is likely to unveil the new proposal during today’s meeting of the tripartite committee on minimum wage, which includes representatives from the government, organized labour, and the organized private sector.
This development underscores the government’s commitment to resolving the contentious minimum wage issue, which has stalled negotiations multiple times. Previously, the government and the Organized Private Sector had proposed a minimum wage of ₦60,000, which was rejected by organized labour representatives. This rejection led to a nationwide strike on Monday, which was suspended on Tuesday after interventions and the signing of some agreements between the government and labour unions.
The new proposal aims to address the demands of organized labour and mitigate the impact of rising living costs on Nigerian workers, potentially bringing an end to the ongoing disputes and strikes.