The Federal Government has adjusted its proposal for a new national minimum wage to N62,000, while organized labour has moderated its demand from N494,000 to N250,000. This shift follows the submission of the minimum wage’s cost implications to President Bola Tinubu by the Minister of Finance, Wale Edun.
Sources close to the negotiation process revealed this update, highlighting the prolonged deliberations and the involvement of the private sector in backing the government’s offer. The adjustment in demands from both sides has stirred discussions, with some expressing embarrassment over the disparity.
President Tinubu had previously directed the Minister of Finance to present the financial implications of a new minimum wage within a tight timeframe, emphasizing the urgency of the matter during a meeting with the government negotiation team.
While the proposal submitted by Edun awaits public disclosure, it signifies ongoing efforts to address the demands raised by organized labour, including the Nigeria Labour Congress and Trade Union Congress, who recently suspended a nationwide strike pending further negotiations.
Related NewsLabour Halts Nationwide Strike for Five Days Amid Minimum Wage Negotiations
Tinubu Holds Meeting with FG Delegation on Minimum Wage at Aso Rock
Despite the government’s revised offer, uncertainties loom over whether labour will accept the proposal, especially in light of earlier commitments and the Nigerian Governors Forum’s stance on the sustainability of minimum wage above N60,000.
As discussions continue, stakeholders await further updates on the outcome of negotiations, underscoring the importance of fair wages and equitable labor practices in Nigeria’s socio-economic landscape.
