Organised labour has explained that it agreed to President Bola Tinubu’s proposal for a N70,000 increase in the national minimum wage due to a new agreement that wage reviews will now occur every three years instead of every five years.
Following a meeting with President Tinubu on Thursday, Nigeria Labour Congress (NLC) President Joe Ajaero and Trade Union Congress (TUC) President Festus Osifo elaborated on the decision.
NLC President Joe Ajaero stated, “The amount of N70,000 reflects our current position. Importantly, we won’t have to wait another five years for a review. Instead, we will negotiate twice within a five-year period, which led us to this agreement due to the proviso for a review in the next three years.”
TUC President Festus Osifo added, “The President announced a N70,000 increase. By next week, he should finalize the bill for transmission to the National Assembly. This decision is significant because we have been advocating against the five-year review cycle, arguing that economic conditions can change rapidly. A shorter review period is essential given the fast-paced changes in both macro and microeconomic policies.”
On Thursday, President Tinubu announced the new N70,000 minimum wage increase for Nigerian workers and pledged federal government support for sub-national and private sectors to implement the new wage.
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