President Bola Tinubu has tasked the Minister of Finance, Wale Edun, with drafting a new minimum wage proposal. This directive came after a Federal Government delegation met with the President to discuss the new wage plan.

“The President has instructed the Finance Minister to crunch the numbers and report back within a day or two, so we have concrete figures for negotiations with labour unions,” announced Mohammed Idris, Minister of Information and National Orientation, in Abuja on Tuesday. “President Tinubu is committed to adhering to the committee’s recommendations while prioritizing the welfare of Nigerians.”

Idris emphasized that the government is not opposed to increasing wages. The Federal Government delegation included notable figures such as Secretary to the Government of the Federation George Akume, Labour Minister Nkiruka Onyejeocha, Minister of Budget and Economic Planning Atiku Bagudu, Chief of Staff to the President Femi Gbajabiamila, and Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari.

Earlier on Tuesday, the Organised Labour suspended its nationwide strike, which began at midnight on Monday. This followed Akume’s statement on Monday night that the President was committed to a national minimum wage exceeding ₦60,000.

“The tripartite committee is scheduled to meet daily for the next week to reach an agreeable national minimum wage,” Akume said. He added that the Organised Labour, recognizing the President’s dedication, agreed to promptly convene a meeting to consider his commitment.

The strike had significantly impacted businesses, airports, universities, hospitals, and power supply. Labour unions argued that the current ₦30,000 minimum wage is insufficient, and many governors have failed to implement it. The Minimum Wage Act of 2019, signed by former President Muhammadu Buhari, mandates a review every five years.

Labour had set a May 31 deadline for the new minimum wage. On that day, unions declared a nationwide strike starting June 3, 2024, due to the committee’s failure to agree on a new wage and the reversal of an electricity tariff hike. During negotiations, Labour rejected the government’s latest offer of ₦60,000, insisting on ₦494,000 as the new minimum wage.