NLC Accepts ₦70k Minimum Wage Amid Economic Hardship

On July 18, 2024, the Organised Labour, represented by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), announced their acceptance of President Bola Ahmed Tinubu’s proposal for a new minimum wage of 70 thousand naira. This decision was made to prevent further economic hardship for Nigerians.

During a meeting held at the State House in Abuja, NLC President Joe Ajaero and TUC counterpart Festus Osifo agreed to drop their initial demand for a 250 thousand naira minimum wage, settling instead for the President’s offer of 70 thousand naira. Ajaero explained that this decision was influenced by additional favorable terms attached to the proposal.

Why Labour Accepted the ₦70,000 Offer

Ajaero highlighted that the agreed amount comes with a clause allowing for more frequent wage reviews, stating, “We will not wait for another five years to come on review. We can now negotiate even two times within five years.” This provision allows for a review every three years, making it a more flexible arrangement in response to changing economic conditions.

He also mentioned other considerations brought to the President’s attention, such as the issues concerning SSANU, NASU, and the affront by the Commissioner of Police FCT. The President reportedly instructed the relevant agencies to address these matters, particularly concerning the payment of university workers.

Osifo added, “The President (Tinubu) made a pronouncement of N70,000. By next week, he should finalize the bill and transmit it to the National Assembly. This decision became crucial as we have been pushing for shorter review periods given the fast-changing economic landscape.”

A Sacrifice to Save Nigerians from Further Hardship

In an appearance on Channels Television’s Politics Today, Ajaero revealed that labour decided to make a significant sacrifice by reducing their demand. President Tinubu had initially offered to meet the 250 thousand naira demand, but with the condition of increasing petrol prices. Ajaero stated that accepting such an offer would have worsened the economic challenges faced by Nigerians.

By accepting the 70 thousand naira minimum wage proposal, the Organised Labour aims to ease the financial strain on Nigerian workers while ensuring more frequent wage reviews to adapt to the country’s economic realities.