President Tinubu announces plans to introduce new minimum wage bill

Freelanews June 12, 2024

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President Bola Ahmed Tinubu has announced his intention to present a new minimum wage bill to the National Assembly shortly. This declaration was made during his Democracy Day broadcast, where he emphasized his government’s commitment to constructive engagement with organized labor.

President Tinubu highlighted the importance of negotiations and dialogue, stating, “We have negotiated in good faith and with open arms with organized labor on a national minimum wage.” He assured the public that his administration would uphold the agreements reached, indicating that an executive bill would be sent to the National Assembly within the next five years or less to formalize the agreed-upon terms.

It is noteworthy that President Tinubu’s government opted for dialogue and cooperation with organized labor, in contrast to a dictatorial approach. This approach reflects a commitment to democratic principles and respect for stakeholders’ input in decision-making processes.

The announcement comes in the wake of the submission of the National Minimum Wage Committee’s report to the President, which proposed varying figures from different stakeholders. While the Federal Government proposed a minimum wage of N62,000, Organized Labor suggested N250,000. Additionally, the Governors and the Organized Private Sector proposed N57,000 and N62,000, respectively.