President Bola Ahmed Tinubu.
Newsone Nigeria reports that Nigeria’s President, Bola Ahmed Tinubu, has assented to the N70,000 National Minimum Wage for workers in the country.
This online news platform understands that the signing ceremony of the ₦70k National Minimum Wage was performed at the Council Chambers of the presidential villa in Abuja, Nigeria’s capital, and witnessed by the leadership of the National Assembly and other government functionaries.
The signing of the ₦70k National Minimum Wage into law comes weeks after the organised Labour agreed to President Bola Tinubu’s N70,000 new national minimum wage increase.
Joe Ajaero, the president of the Nigeria Labour Congress (NLC) and his counterpart in the Trade Union Congress, TUC, Festus Osifo disclosed after a meeting with President Tinubu that the organised Labour agreed to the ₦70k National Minimum Wage because wage review will now be every three years, not five years.
The NLC President, Joe Ajaero, said: “What has been announced in terms of the amount of N70,000 happened to be where we are now. But the cool thing about it is that we will not wait for another five years to come on review.
“Rather than settling on a figure that we wait for five years, it’s like we’ll have to now negotiate even two times within five years.
“That is one of the reasons why we decided to reach where we are today. Because of the proviso that we can review in the next three years.”
On his part, TUC President Osifo said: “The President (Tinubu) made a pronouncement or announcement of N70,000. By next week, he should put the finishing touches to the bill and the transmission to the National Assembly.
“But why this became a catch is because we, from organised labour, have been pushing that the issue of a five years review is a long time, that a lot of economic indices may have changed because we are in an era where things are moving very fast in terms of both macro and micro economic policies.”.