Why We Accepted N70,000 Minimum Wage – NLC, TUC

Organised labour has explained that it agreed to President Bola Tinubu’s N70,000 new national minimum wage increase because wage reviews will now occur every three years, instead of every five years.

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, and his counterpart in the Trade Union Congress (TUC), Festus Osifo, disclosed this after a meeting with President Tinubu on Thursday.

NLC President Joe Ajaero stated, “What has been announced in terms of the amount of N70,000 is where we are now. But the significant aspect is that we will not wait for another five years for a review. Instead of settling on a figure and waiting five years, we can now negotiate even twice within that period. This provision for a review in the next three years is one of the reasons we reached this agreement.”

TUC President Festus Osifo added, “The President (Tinubu) announced the N70,000 increase, and by next week, he should finalize the bill and transmit it to the National Assembly. This decision resonated with us because we have been advocating that the five-year review period is too long, considering how rapidly economic conditions can change in both macro and microeconomic policies.”

NIGERIA NEWS 247 recalls that on Thursday, Tinubu announced the N70,000 new minimum wage increase for Nigerian workers and promised that the federal government would support sub-national and private sectors in paying the new minimum wage.