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Presidency gives update on new minimum wage
President Bola Tinubu is expected to unveil an increase in the minimum wage on May 1, coinciding with International Labour Day celebrations, with retroactive implementation from April.
This development arises amidst the National Minimum Wage Committee’s ongoing negotiations to finalize the new wage structure.
The committee nears conclusion in its discussions, aiming to wrap up in time for the President’s Labour Day address.
A committee member, speaking anonymously due to the issue’s sensitivity, stated, “Our target is to ensure that Mr. President announces the minimum wage by the 1st of May… We are working to meet the timeline.”
READ ALSO: Why we shall demand minimum wage of N1 million per month – NLC president
Despite the current minimum wage of N30,000 expiring on March 31, the committee member expressed doubt about reaching a new rate by then, highlighting the complexity of arriving at an agreeable minimum wage.
The source emphasized the need for negotiations involving various stakeholders such as the NLC, TUC, NECA, and government representatives. Adjustments will be made, considering factors like the ability to pay and involvement of state governors.
A presidential aide hinted that Tinubu might not wait until May 1 to announce the new minimum wage if negotiations conclude early. The aide stressed the legal obligation to finalize negotiations by early April, indicating the possibility of an earlier announcement.
In summary, while May 1 remains the target for the announcement, negotiations are ongoing, and the government may expedite the process to comply with legal timelines.
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