President Tinubu approves new minimum wage

President Bola Tinubu has signed off on a new minimum wage of N70,000 for Nigerian workers, announced by Minister of Information Muhammad Idris in Abuja on Thursday.

The decision was finalized at the presidential villa in the presence of the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) leadership.

This approval, which reduces the minimum wage review period to three years from the current five, ends the standoff between Nigerian workers and the federal government over an agreeable minimum wage.

The adjustment comes after multiple rounds of negotiations and several industrial actions by labour unions amid economic challenges and inflation concerns.

Throughout discussions, the unions proposed various wage figures, ranging from N1 million down to N250,000, while the federal government initially stood firm on a lower amount, eventually settling on N70,000.

State governors previously expressed concerns over their ability to meet the federal government’s proposed wage, adding further complexity to the negotiations.