The Minister of Information, Mohammed Idris, announced that the Federal Government and the leadership of the Organised Labour have agreed on ₦70,000 as the new minimum wage for Nigerian workers.

Idris stated that the agreement was reached during a meeting between President Bola Tinubu and the leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on Thursday in Abuja.

“We are pleased to announce today (Thursday) that both the Organised Labour and the Federal Government have agreed on an increase from the ₦62,000 minimum wage. The new national minimum, which Mr. President is expected to submit to the National Assembly, is ₦70,000,” Idris informed State House correspondents.

The announcement was made with NLC President Joe Ajaero, TUC President Festus Osifo, Labour Minister Nkiruka Onyejeocha, and other officials from both sides in attendance.

Ajaero confirmed that ₦70,000 is the current agreement on the minimum wage issue. He also mentioned that part of the discussion included a more frequent review of the minimum wage. According to him, the agreement stipulates that the minimum wage will now be reviewed every three years instead of every five years.

“We were here last week, and we are here now. The amount of ₦70,000 announced is where we currently stand. However, we will not wait another five years to agree on a new minimum wage,” Ajaero said.

On her part, Onyejeocha stated that President Tinubu had also directed the Ministers of Finance and Budget, Wale Edun and Atiku Bagudu, to develop strategies to address issues with the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU).

The agreement between the two sides followed a series of discussions between labour leaders and the President over the past few weeks. These talks came after months of failed negotiations between labour representatives and a tripartite committee on the minimum wage, which the President established in January.

The committee, consisting of state and federal government representatives and the Organised Private Sector, had proposed ₦62,000, while labour initially demanded ₦250,000 as the new minimum wage for workers, who currently earn ₦30,000.

Labour had argued that ₦30,000 was unsustainable due to inflation and the high cost of living that followed the removal of the petrol subsidy by the President.

Last Thursday, the President met with labour leaders and emphasised the need for realistic expectations regarding the minimum wage. “You have to cut your coat according to available cloth. Before finalising the minimum wage process, we must consider the structure,” Tinubu said.

In his Democracy Day speech on 12 June 2024, the President stated that an executive bill on the new national minimum wage for workers would soon be sent to the National Assembly for passage.

The Minister of Information confirmed on Thursday that the ₦70,000 agreed amount would be communicated to the National Assembly in the coming days.