Minimum Wage: The Strong Catch Tinubu Used To Get NLC, TUC To Accept N70, 000 Emerges

Organised labour has clarified the reason for its acceptance of President Bola Tinubu’s N70,000 new national minimum wage increase.

According to the union leaders, the acceptance was due to the new agreement that wage reviews will occur every three years, instead of every five years.

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

NLC President Joe Ajaero stated: “What has been announced in terms of the amount, N70,000, reflects our current position. However, the significant aspect is that we will not have to wait another five years for a review. Instead of waiting for five years to settle on a figure, we now have the provision to negotiate potentially twice within five years. This is one of the reasons we agreed to the current arrangement, due to the proviso that allows for a review in the next three years.”

TUC President Festus Osifo added: “President Tinubu announced the N70,000 increase. By next week, the finishing touches will be put on the bill and transmitted to the National Assembly. This agreement is crucial because organised labour has been advocating that the five-year review period is too long, given that many economic indices may change rapidly due to the fast-moving nature of both macro and microeconomic policies.”

On Thursday, President Tinubu announced a new minimum wage increase of N70,000 for Nigerian workers. He also pledged that the federal government would assist sub-national governments and the private sector in paying the N70,000 minimum wage.