President Bola Ahmed Tinubu is set to announce the long-awaited national minimum wage today, Thursday July 18, 2024 following a meeting with organised labour at the Presidential Villa.
The meeting, continuing from last week’s discussions, aims to finalize negotiations on the new minimum wage.
While the Federal Government has proposed N62,000, labour is standing firm at N250,000, citing current economic realities. Last week’s discussions allowed both parties to present their perspectives, with President Tinubu urging labour to consider available resources. He also proposed reviewing the minimum wage every two or three years instead of the current five-year cycle to prevent controversies.
Minister of State for Labour and Employment, Nkeiruka Onyejiocha, described the previous meeting as “fruitful” and characterized it as a “family discussion.” NLC President Joe Ajaero confirmed that all parties openly discussed the new wage policy, without divulging specific figures.
In related developments, President Tinubu has requested the Senate to amend the 2024 Appropriation Act to increase capital expenditure by N3.2 trillion and recurrent expenditure by N3 trillion. This request, outlined in a letter to Senate President Godswill Akpabio, aims to align with constitutional provisions and fund critical infrastructure projects and recurrent government operations.
