Finance Minister to submit new minimum wage template to Tinubu today

The information minister recently assured Nigerians that the government and other stakeholder are working to come up with a realistic and sustainable minimum wage.

Minister of Finance, Wale Edun and President Bola Tinubu.

On Tuesday, June 4, 2024, the president directed Edun to present the cost implications of the new minimum wage within two days.

The directive followed the suspension of the nationwide strike by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

Recently, the Minister of Information and National Orientation, Mohammed Idris assured Nigerians that the government and other stakeholders are working assiduously to come up with a realistic and sustainable minimum wage.

“All parties to the negotiation of the new minimum wage would work together with the organised labour to present a new minimum wage for Nigerians in one week, he said.

“All of us will work together assiduously within the next one week to ensure that we have a new wage for Nigeria that is acceptable sustainable and also realistic.”

Recall that on Monday, June 3, organised labour embarked on a nationwide strike that paralysed business activities in major sectors of the Nigerian economy.

The strike was ‘relaxed’ after the unions’ meeting with the representatives of the FG as the government promised to raise its initial offer beyond ₦60,000.

In their previous meetings with the government, the unions had demanded that workers’ wages be increased from ₦30,000 to ₦494,000.

However, while the NLC and the TUC await the presidential template for the new minimum wage, Festus Osifo, the president of the TUC, during an interview on Channels TV said the union is not bent on the ₦494,000 demand, but won’t accept a small amount on the ₦60,000 offer.

After the presentation of the new template to the president, union leaders will return to the negotiation table for a final agreement on what the new minimum wage would be.

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