By Adedapo Adesanya
The Nigeria Labour Congress (NLC) said labour unions opted for the N70,000 minimum wage option instead of the N250,000 earlier put forward because of the incentives added to the new pay by President Bola Tinubu.
On Thursday, the federal government announced a 133 per cent increase in the minimum wage from the N30,000 agreed on in 2019 to N70,000 after a long tussle as the country grappled with soaring cost of living.
Speaking on Channels Television last night, the President of NLC, Mr Joe Ajaero, said the decision was to avert any increase that would impact Nigerians negatively.
“Accepting N70,000 was the best way to save Nigerians from further hardship,” Mr Ajaero said shortly after labour met with the President in Abuja.
“At last week’s meeting, the President brought a proposal that I will give you guys N250,000’ if you allow me to equally increase the pump price of petroleum products and we said, No, we need to go and consult.
“Today, we went there to tell him, No. The labour movement can make sacrifices without allowing Nigerians to suffer further on the increase in the pump price of petroleum products,” the labour union leader explained.
Pump prices had jumped to an average of N600 to N650 per litre from N184 per litre when President Tinubu announced an end to subsidy in May 2023. Although every sign points to subsidy payments remaining, a full removal would see prices surge further.
The minimum wage committee, which comprised state and federal governments and the Organised Private Sector, had proposed N62,000 while the labour unions insisted on N250,000 as the new minimum wage for workers who currently earn N30,000 as minimum wage.
Nigerians are already contending with a 34.19 per cent headline inflation with food prices, gas, electricity, and transport costs at higher levels than where they were one year ago.
Mr Ajaero also disclosed that the new minimum wage for Nigerian workers will now be reviewed every three years rather than the previous five years.
President Tinubu is expected to send an executive bill to the National Assembly on the agreed rate for onward legislation.