President Bola Tinubu of Nigeria announced his intent to approve a minimum wage that aligns with what the Nigerian government can sustainably afford.
This statement came during a dinner event celebrating Nigeria’s 25 years of uninterrupted democracy.
Tinubu acknowledged the ongoing debate surrounding the minimum wage, a point of contention between the government and labor unions. He emphasized a pragmatic approach: “The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford. Cut your coat according to your size, if you have size at all.”
During the event, Tinubu praised key political figures, including Senate President Godswill Akpabio and Deputy Senate President Jibrin Barau, signaling that a bill proposing a new minimum wage would soon be sent to the National Assembly for consideration.
This follows the Nigerian Labour Congress’s (NLC) steadfast demand for a ₦250,000 minimum wage, despite the government’s latest offer of ₦62,000. The NLC, which previously adjusted its demand down from ₦494,000, maintains that their proposed figure is essential to meet workers’ living costs .
Tinubu also promised measures to reduce food prices by addressing the security challenges that have displaced many farmers. His earlier Democracy Day address honored democracy icons like MKO Abiola and called for unity and support for his administration’s economic initiatives.
As both sides await the final decision and subsequent legislation, the balance between economic sustainability and adequate worker compensation remains a pivotal issue in Nigeria’s political landscape.
