In a significant development, Nigeria’s Minister of Finance, Wale Edun, has presented a proposal to President Bola Ahmed Tinubu to introduce a new minimum wage of N105,000 per month for Nigerian workers. This proposal, which is currently under review by the President, is expected to be announced soon, OBSERVERSTIMES can exclusively report
This development comes after the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) called off their strike action following a agreement with the government to review the minimum wage. As part of the agreement, President Tinubu mandated the Minister of Finance to provide a template for the new minimum wage by Wednesday.
The proposed N105,000 minimum wage is a significant increase from the current wage, and it is expected to have a positive impact on the lives of millions of Nigerian workers. However, it is still significantly lower than the N494,000 demanded by the labour unions.
The government’s decision to review the minimum wage is a welcome development, and it is hoped that it will help to address the issues of poverty and inequality in the country. As the government finalizes the proposal, Nigerians wait with bated breath to see the details of the new minimum wage regime.