President Tinubu May Announce New Minimum Wage on Workers’ Day

There are indications that President Bola Tinubu might announce the new minimum wage on May 1st, which marks International Labour Day. The National Minimum Wage Committee is reportedly working to finalize all negotiations regarding the new rate before this date, with the expectation that the President will announce it in his Workers’ Day address.

A member of the committee, speaking anonymously, revealed that the goal is for the new minimum wage to be effective from April, with the announcement expected to come on Workers’ Day. However, it is unlikely that the new rate will be ready before March 31st, when the current minimum wage of N30,000 ceases to be valid.

The Organised Labour has warned state governors that they will not accept anything less than full implementation of the new minimum wage. This warning comes as governors are urging the National Minimum Wage Committee to consider each state’s peculiarities in arriving at an acceptable figure.

The Nigeria Governors’ Forum has asked the committee to take into account present circumstances and the effects on the government and private sector employers’ ability to pay. However, labour unions have rejected this, warning that it could lead to prolonged industrial unrest.

Before now, labour unions had argued that the existing national minimum wage of N30,000 was no longer realistic, especially considering the high inflation rate. The Federal Government had inaugurated a tripartite committee to deliberate on the national minimum wage, which is expected to propose a revised wage.

During zonal public hearings, workers across different regions proposed varying figures for the new minimum wage, with some states suggesting N45,000. The NLC and TUC have stated that governors who fail to implement the new minimum wage will be breaking the law and will face tougher sanctions.

In conclusion, the new minimum wage announcement is eagerly anticipated, and its implementation will have significant implications for workers and employers across the country.