President Tinubu approves ₦70,000 New Minimum Wage for Nigerian Workers

In a landmark decision set to uplift the living standards of Nigerian workers, President Bola Tinubu has sanctioned a new minimum wage of ₦70,000.

This historic move, announced during a pivotal meeting with the leaders of the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) on Thursday, has been met with widespread acclaim.

To ensure that the minimum wage remains relevant in the face of economic changes, President Tinubu has also pledged to review the national minimum wage law every three years. This commitment is aimed at safeguarding the welfare of workers and adjusting their pay following inflation and economic conditions.

Acknowledging the financial strain on various sectors, President Tinubu assured that the government would explore avenues to support both the private sector and sub-national entities in meeting the new wage standard. This promise underscores the administration’s dedication to fostering a balanced and sustainable economic environment.

In addition to the minimum wage announcement, President Tinubu addressed the long-standing issue of unpaid salaries within the university system. He assured that his administration would utilise discretionary powers to meet the demands of university unions, which have been vocal about their grievances regarding four months of unpaid wages.

The leadership of the TUC and NLC lauded President Tinubu’s decision, highlighting it as a testament to his empathy and commitment to the Nigerian workforce. This marks the second meeting between the President and the labour leaders in just one week, indicating a robust dialogue and a proactive approach to labour issues.

The new minimum wage policy is expected to have far-reaching impacts, enhancing the quality of life for many Nigerian workers and stimulating economic growth through increased consumer spending.