An increase from N60,000 to N62,000 has been proposed for the new national minimum wage following lengthy talks between the federal government and the Organized Private Sector (OPS) on Friday.
Organized labour is still demanding N250,000, down from their original offer of N494,000, even after this adjustment. This change signifies that the discussions held by the federal government's tripartite committee to determine the new minimum wage have come to a close.
President Tinubu is set to send an executive bill to the National Assembly for legislative approval after receiving the committee's recommendations, according to Channels Television. After the committee's work, which started in January 2023, is over, President Tinubu and the National Assembly are now responsible for finalizing the new minimum salary.
Despite widespread agreement that the existing minimum wage of N30,000 is untenable in light of the state of the economy, no one has been able to settle on a new amount. The N60,000 offer was deemed insufficient by labour, while the government and OPS deemed the labor's proposed N494,000 exorbitant.
Unions went on strike across the country on June 3, halting economic activity, after a labour deadline that had expired on May 31 had expired.
On Tuesday, the strike was halted as negotiations could restart following the Federal Government's commitment to increasing the minimum wage above N60,000. The government and OPS reached a revised offer of 62,000 Naira after discussions that lasted until Friday night. But the demand for N250,000 from organised labour is unwavering.
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