New Minimum Wage of N70,000 Approved for Nigerian Workers

President Bola Tinubu has taken a significant step in improving the welfare of Nigerian workers by approving a new minimum wage of N70,000.

This decision comes with a commitment to periodically review the national minimum wage law every three years, ensuring that workers’ salaries remain aligned with the country’s economic realities.

The announcement of this new minimum wage was made by Mohammed Idris, Minister of Information, at the Presidential Villa on Thursday, July 18. The revelation took place during a crucial meeting with prominent leaders of the organized labour unions, emphasizing the collaborative effort in reaching this milestone for workers across Nigeria.

Key figures present at the meeting included Comrade Joe Ajaero, President of the Nigeria Labour Congress (NLC), and Comrade Festus Usifo, President of the Trade Union Congress (TUC), alongside other members of their respective unions. The engagement between the government and labour leaders highlights the importance of dialogue and negotiation in addressing workers’ welfare concerns.

It is noteworthy that the labour leaders had initially pushed for a higher minimum wage of N250,000, demonstrating their dedication to advocating for improved conditions and fair compensation for Nigerian workers. While the approved minimum wage may not meet their initial target, it represents a significant stride towards enhancing the livelihoods of workers and ensuring a more equitable wage structure in the country.

President Tinubu’s decision to raise the minimum wage reflects a commitment to prioritizing the well-being of workers and recognizing their contributions to the nation’s development. By establishing a framework for regular wage reviews, the government aims to create a sustainable mechanism for adjusting wages in response to economic changes, promoting stability and fairness in the labor market.

Overall, the approval of the new minimum wage of N70,000 signals a positive development for Nigerian workers, setting a foundation for better remuneration and improved standards of living. The ongoing collaboration between the government and labour unions underscores the importance of constructive dialogue in shaping policies that benefit the workforce and advance the nation’s socio-economic progress.