The Road to a New National Minimum Wage: What to Expect
The Tripartite Committee on the new National Minimum Wage recently adjourned its meeting to allow the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to present the cost implications of the proposed wage increase within 48 hours. The committee, composed of representatives from the Federal Government, organized labor, and the private sector, discussed general matters in the meeting.
Organized labor initially demanded N615,000 as the new minimum wage, but the Federal Government and private sector offered only ₦60,000. After rejecting this offer, labor later proposed N494,000. Their stance led to a nationwide indefinite strike, prompting President Bola Tinubu to direct the Finance Minister to present the cost implications for a new minimum wage.
As negotiations continue today, the hope is that new figures and proposals will be put forward. Stay tuned for updates on the progress towards a new national minimum wage in Nigeria.
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