The Federal Executive Council (FEC) has postponed deliberation on a new minimum wage memo to allow President Bola Tinubu to conduct further consultations with stakeholders. Minister of Information and National Orientation, Mohammed Idris, announced this decision during a briefing with State House correspondents on Tuesday.

President Tinubu is reviewing the report submitted by the Tripartite Committee on Minimum Wage and plans to consult with state governors and the organized private sector before presenting a final proposal to the National Assembly.

“The new national minimum wage is not just a federal issue; it involves federal, state, and local governments, the organized private sector, and organized labor,” Idris explained. “The memo was stepped down to enable further consultations before making a submission to the National Assembly.”

The Minimum Wage Act of 2019, which set the minimum wage at ₦30,000, expired in April 2024. Negotiations for a new wage began in January when President Tinubu established a Tripartite Committee. However, the committee has struggled to reach a consensus, prompting labor unions to declare an indefinite strike on June 3, 2024.

The strike caused significant disruptions, with labor unions arguing that ₦30,000 is no longer sufficient given current economic conditions. Following negotiations, labor reduced their demand to ₦250,000, while the government increased its offer to ₦62,000.

President Tinubu, in his Democracy Day speech on June 12, 2024, assured that an executive bill on the new minimum wage would be sent to the National Assembly soon. The final decision will balance the ₦62,000 proposal from the government and private sector with the ₦250,000 demand from organized labor.