President Bola Tinubu has pledged to approve a new minimum wage that aligns with Nigeria’s economic realities, emphasizing affordability and prudence.
He made this declaration during a dinner in Abuja commemorating Nigeria’s 25 years of uninterrupted democracy.
“I will approve a minimum wage that Nigeria can afford, that you can afford, and that I can afford. Cut your coat according to your size, if you have size at all,” Tinubu asserted, addressing attendees including Senate President Godswill Akpabio and Deputy Senate President Jibrin Barau.
Tinubu expressed gratitude to his supporters and reassured Nigerians of his commitment to democratic principles, promising not to deviate from them during his administration.
The President also addressed the pressing issue of food prices, attributing their rise to insecurity caused by banditry, which has displaced farmers and disrupted agricultural activities across the country.
Earlier in his Democracy Day speech, Tinubu paid homage to MKO Abiola and other democracy heroes while rallying citizens to support efforts aimed at bolstering the economy.
Meanwhile, recent negotiations between the government and labour unions over the new minimum wage have reached an impasse.
On June 7, 2024, both sides failed to reach consensus despite adjustments. Labour reduced its demand from N494,000 to N250,000, while the government increased its offer marginally from N60,000 to N62,000.
Following the deadlock, both reports have been submitted to Tinubu for consideration.
The President is expected to review the proposals and present an executive bill to the National Assembly to formalize a new minimum wage, marking a critical step in addressing economic disparities and improving standards of living for Nigerian workers.