President Bola Tinubu announced during his Democracy Day address on June 12, 2024, that his administration will soon send an executive bill to the National Assembly to establish a new national minimum wage.
Acknowledging the current economic hardships faced by Nigerians, Tinubu explained that the economy has struggled due to an over-reliance on oil revenues. He emphasized that the government’s ongoing reforms, although causing some immediate difficulties, are essential for building a stronger and more stable economic foundation for future growth.
“I understand the economic difficulties we face as a nation. Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.
The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.
As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.
In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.
His comment comes barely a week after the Labour unions embarked on a nationwide strike as they demanded a new and ‘living’ minimum wage. The Federal government has proposed N62,000 as the new minimum wage but the Labour unions insist on N250,000. A final figure is yet to be ascertained.
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