PRESIDENT Bola Tinubu has reassured Organised Labour that an executive bill regarding the new national minimum wage for workers will be presented to the National Assembly for approval soon.
Tinubu made this announcement yesterday, June 12, 2024 during his second Democracy Day speech .
He stated that after negotiations with Organised Labour, an agreement has been reached on a new national minimum wage, and the executive bill will be sent to the National Assembly to formalize this agreement into law for the next five years or less.
In response to Labour’s national strike on June 3, 2024, Tinubu emphasized that none of the leaders from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) were harassed.
He noted that instead, they were invited for discussions towards a mutually beneficial resolution, highlighting the importance of dialogue and compromise in a democratic society.
Tinubu also acknowledged the economic challenges in the country, expressing solidarity with Nigerians and promising necessary reforms to improve the economy.
While acknowledging the hardship brought about by these reforms, he emphasized their importance in laying a stronger foundation for future growth and ensuring economic opportunities and fair compensation for all.
The discussions for a new minimum wage have been ongoing, as the Minimum Wage Act of 2019 setting the minimum wage at ₦30,000 expired in April 2024.
President Tinubu had established a Tripartite Committee in January to negotiate a new minimum wage, but initial talks failed to yield an agreement, leading to the labour strike on June 3.
Following assurances from the President, the strike was relaxed, and negotiations resumed resulting in offers and counteroffers from both sides.
Despite challenges, both Labour and the government are engaged in discussions to reach a consensus, with the President expected to make a decision and send an executive bill to pass a new minimum wage law.
