Present New Minimum Wage in 48hrs, Tinubu Directs Finance Minister

President Bola Tinubu has directed the Minister of Finance to present a new minimum wage proposal within two days.

This comes after a meeting with government representatives and organized labor. The Nigeria Labour Congress and Trade Union Congress have suspended their indefinite strike for one week to allow for further negotiations.

The President has instructed the Minister of Finance to work with the organized private sector and sub-nationals to achieve a new affordable and sustainable wage award for Nigerians.

The goal is to reach a figure that is acceptable, sustainable, and realistic within the next week.

While the Federal Government is willing to increase the minimum wage to N100,000, state governments are proposing a lower figure of N48,000.

The governors may pose a challenge to the new minimum wage, as they are pushing for separate negotiations at the state level.

Financial analyst Tolulope Alayande suggests that the focus should be on institutionalizing the implementation of the minimum wage rather than the actual figure. He notes that state governors are the main culprits behind non-payment of minimum wage, and that there is no sanction for non-implementation.

The minimum wage issue is a complex one, with Nigeria ranking low among African oil-producing countries. The country’s low productivity is blamed on its minimum wage, with proposals ranging from N75,000 to N100,000 as ideal.