The Federal Government and organized labour have reached a consensus on a new minimum wage of N70,000, a significant reduction from the initial demand of N250,000.
According to Comrade Joe Ajaero, President of the Nigeria Labour Congress (NLC), the acceptance of the lower figure was based on two key considerations.
Firstly, the new minimum wage comes with additional incentives, which will provide supplementary financial relief to workers, making the overall package more attractive.
Although the specifics of these incentives were not disclosed, they are expected to offset the reduction in the base wage.
Secondly, President Bola Tinubu has committed to regular reviews of the minimum wage every three years, a departure from previous administrations that often delayed wage reviews.
This commitment to regular reviews provided the assurance needed for labour unions to accept the lower figure.
The agreement, approved by President Tinubu, follows extensive negotiations between the government and labour unions.
While the N70,000 minimum wage falls short of the initial demand, the additional incentives and regular reviews provide a compromise that addresses the concerns of workers.
