After six months of negotiations, the Federal Government and organized labour have agreed on a national minimum wage of N70,000, with a review cycle of three years. President Bola Tinubu announced the decision, which is a compromise between the government’s initial offer of N62,000 and labour’s demand of N250,000.

The agreement also includes provisions for infrastructure investment, renewable energy, and student loans. Labour leaders praised the President’s willingness to engage in dialogue and his commitment to reviewing the minimum wage more frequently.

While labour accepted the N70,000 figure “with mixed feelings,” they acknowledged the economic challenges facing the country. The agreement brings an end to the impasse that had stalled negotiations since June.

This decision was reached during the latest meeting between President Bola Tinubu and the leadership of organized labour, held at the Presidential Villa in Abuja.

Briefing the State House correspondents on the agreement, the Minister of Information, Alhaji Muhammad Idris, stated that President Tinubu assured the government would invest significantly in facilities to improve the lives of Nigerian workers.

President Tinubu committed to reviewing the national minimum wage law every three years and finding ways to support the private sector and state governments in meeting the new wage requirements.

The new minimum wage follows a series of meetings.

However, the leadership of organized labour has cautioned that their agreement with President Tinubu on the N70,000 national minimum wage is provisional until approved by their National Executive Council.

The National President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, emphasized this point during a briefing in Abuja, noting that the labour leadership cannot make final decisions without their constituents’ approval.

“We will report back to them, and they will likely accept our decision, but we cannot speak with absolute certainty,” he explained.

Similarly, the President of the Trade Union Congress, Comrade Festus Osifo, mentioned that President Tinubu had promised to address the five months of unpaid wage awards owed by the government.

“We brought it to his attention, and he responded that he would look into it,” Osifo stated.

Earlier, the Minister of Information and National Orientation, Alhaji Muhammad Idris, indicated that beyond the new N70,000 minimum wage, the government intends to provide facilities to alleviate current hardships.

“There will be substantial investments in infrastructure and renewable energy, as assured by Mr. President. Additionally, funds will be allocated for the acquisition of CNG buses. The issues concerning SSANU and NASU will also be addressed,” he elaborated.

He praised the organized labour for their maturity and patriotism throughout the negotiations with the government.

Related Story: Why we accepted N70,000 minimum wage — Labour