Tinubu Vows to Approve Affordable Minimum Wage for Nigeria

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President Bola Tinubu has reaffirmed his commitment to approving a new minimum wage that aligns with Nigeria’s economic capacity, addressing the nation during a commemorative dinner marking 25 years of uninterrupted democracy.

“I will approve a new minimum wage that the government can afford,” President Tinubu stated on Wednesday, expressing gratitude to his supporters and pledging to uphold democratic principles in governance.

“I have to celebrate with you my dear brother, Senate President, Deputy Senate President,” he remarked, singling out Senate President Godswill Akpabio and Deputy Senate President Jibrin Barau as key figures who would soon receive an Executive Bill on the proposed wage adjustment.

“The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford. Cut your coat according to your size, if you have size at all,” President Tinubu emphasised, addressing the need for fiscal responsibility amidst economic challenges.

The President also addressed concerns over rising food prices, promising measures to combat banditry which has disrupted agricultural activities across the nation.

Earlier during his Democracy Day address, President Tinubu paid homage to MKO Abiola and other democracy icons, urging Nigerians to support efforts aimed at economic revitalization.

Following recent negotiations between the government and labour representatives on Friday, June 7, 2024, discussions over the new minimum wage reached an impasse. Labour had revised its demand from ₦494,000 to ₦250,000, while the government marginally increased its initial offer from ₦60,000 to ₦62,000.

Reports from both sides have been submitted to President Tinubu, who is expected to review the proposals and submit an Executive Bill to the National Assembly for consideration and approval.