Nigeria’s President Bola Ahmed Tinubu has endorsed a proposal to more than double the minimum wage from ₦30,000 to ₦70,000 after a meeting with Nigeria’s Labour Congress (NLC) and the Trade Union Congress.
“We were here last week. And we are here now. What they have announced in terms of the amount of ₦70,000 happens to be where we are now. But the thing about it is that we will not wait for another five years to come and agree,” Joe Ajaero, the NLC’s president said.
The endorsement comes after weeks of negotiations between Nigeria’s Labour Congress (NLC) and the government. The NLC proposed a minimum wage of ₦200,000 and argued that inflation and a cost of living crisis made the increase necessary.
However, the FG cited already large overhead costs as a reason for its counteroffer. It is, however, committed to reassessing the minimum wage every three years.
With several states in Nigeria still struggling to pay the current minimum wage, President Tinubu also offered to support states and the private sector in meeting the new wages. He did not provide specific details of this support.
*This is a developing story
Have you got your early-bird tickets to the Moonshot Conference? Click this link to grab ’em and check out our fast-growing list of speakers coming to the conference!
Get the best African tech newsletters in your inbox
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2024/07/18/breaking-president-tinubu-endorses-%E2%82%A670000-43-minimum-wage/