New Minimum Wage Bill Signed into Law by President Tinubu

President Bola Ahmed Tinubu has officially signed the new minimum wage bill into law, establishing a revised minimum wage of N70,000. The signing took place during a meeting of the Federal Executive Council (FEC) at the State House in Abuja.

The agreement on the new minimum wage followed extensive negotiations between the federal government and Organized Labor. The tripartite committee had initially presented two figures: N250,000 demanded by official labor and N62,000 proposed by the private sector and government. Ultimately, a compromise was reached at N70,000.

Minister of Information and National Orientation, Mohammed Idris, informed State House correspondents after the meeting that President Tinubu had agreed to the N70,000 minimum wage, up from the initially proposed N62,000. Idris noted, “We are pleased to announce that the Federal Government and Organized Labor have agreed on a new national minimum wage of N70,000. This will now be presented to the National Assembly for formal legislation.”

In addition to the wage increase, President Tinubu has committed to significant investments in infrastructure and renewable energy. Plans are underway to enhance federal funding for renewable energy projects and procure additional CNG buses to support Nigeria’s transition to cleaner energy sources.

Idris further highlighted that President Tinubu has promised to address ongoing issues with the Academic Staff Union of Universities (ASUU), the Senior Staff Association of Nigerian Universities (SSANU), and the Non-Academic Staff Union of Educational and Associated Institutions (NASU). “We are making progress towards renewable energy adoption and will also address concerns raised by educational institutions,” Idris added.

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The President’s actions were met with approval from labor leaders, who expressed their gratitude for the government’s commitment. They acknowledged the Federal Government’s responsibility in ensuring local governments’ autonomy and maintaining harmonious relations between government and labor.

“The leadership of organized labor has shown patriotism in their efforts to ensure Nigeria’s unity and economic growth,” Idris said. “Their willingness to collaborate with the government has been crucial, and we extend our appreciation to the President, the Federal Government, the subnationals, and the Organized Private Sector for their collective efforts.”

The new minimum wage law marks a significant development in Nigeria’s labor and economic landscape, reflecting a balanced approach to addressing both worker needs and economic realities.