Organized labour has clarified that they have agreed to the new N70,000 national minimum wage increase proposed by President Bola Tinubu because the wage review will now take place every three years instead of every five years.
After a meeting with President Tinubu, the President of Nigeria Labour Congress, Joe Ajaero, and the President of the Trade Union Congress, Festus Osifo, revealed their discussions on the matter.
Ajaero stated, "The current amount of N70,000 is where we stand now. However, the positive aspect is that we will not have to wait for another five years for a review. This was a key factor in our decision to reach this agreement today, as we can now review the wage every three years."
Osifo added, "President Tinubu announced the N70,000 increase. He is expected to finalize the bill next week and transmit it to the National Assembly. The reason this announcement was significant is because organized labor has been advocating for more frequent reviews than every five years, considering the rapid changes in economic indicators and policies."
It is worth noting that President Tinubu announced the N70,000 new minimum wage increase for Nigerian workers and reassured that the federal government would assist sub-national and private sectors in implementing the new minimum wage.
