The Federal Executive Council (FEC) has opted to defer deliberations on the new minimum wage proposal to allow for further consultations with stakeholders, announced Minister of Information and National Orientation, Mohammed Idris, on Tuesday.
President Bola Tinubu, having reviewed the report from the Tripartite Committee on Minimum Wage, seeks additional engagements before submitting a final proposal to the National Assembly.
The Minimum Wage Act of 2019, mandating N30,000 as the minimum wage, expired in April 2024, necessitating a review to align with current economic realities.
President Tinubu initiated talks in January through a Tripartite Committee involving Organised Labour, federal and state governments, and the Organised Private Sector.
The deadlock in negotiations led to a nationwide industrial action by labour from June 3, 2024, paralyzing critical sectors like airports, hospitals, and financial institutions.
The unions, demanding a wage commensurate with inflation and recent policy changes, relaxed the strike following presidential assurances of a wage exceeding N60,000.
Despite subsequent negotiations and revised offers, including a government proposal of N62,000, consensus remains elusive.
Both parties submitted their findings to President Tinubu, who committed to presenting an executive bill to the National Assembly during his Democracy Day address on June 12, 2024.
The FEC’s decision underscores ongoing efforts to secure a viable minimum wage solution amidst economic challenges and stakeholder expectations.