President Bola Tinubu has approved a new minimum wage of N70,000 for Nigerian workers, the Minister of Information and National Orientation, Mohammed Idris, announced on Thursday.
The decision came after a meeting with labour leaders at Aso Rock Villa, Abuja. The move comes as Nigeria grapples with economic hardship exacerbated by high inflation, following the removal of fuel subsidies and the devaluation of the naira.
Earlier, Nigerian lawmakers had pledged to cut their N600,000-a-month salaries by 50% for six months in a bid to dissuade Nigerians clamouring for a nationwide protest.
However, many Nigerians believe the gesture is too little given the lawmakers’ hefty monthly allowances, reportedly around N22 million, as highlighted by former Speaker Yakubu Dogara, who revealed he earned N25 million in allowances.
“Significantly lower”
The new wage agreement is significantly lower than the initial demand by labour unions. Initially, the government proposed N60,000, then N62,000, while labour unions reduced their demand from N494,000 to N250,000 before settling on N70,000.
Premium Times report that the president of the Nigeria Labour Congress (NLC), Joe Ajearo, and his Trade Union Congress (TUC) counterpart, Festus Usifo, also spoke at the press briefing after a meeting with President Tinubu on Thursday.
They confirmed that the leadership of the two unions were satisfied with the new wage but said that they will call a meeting of their National Executive Committee and table it.
Public reaction has been mixed, with some Nigerians expressing anger, especially as staple food prices, such as a bag of rice costing between N76,000 and N80,000, continue to soar.
The development follows prolonged negotiations, with labour unions suspending strikes and advocating for a wage increase amid worsening living conditions.
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