The new minimum wage has been signed into law by President Bola Ahmed Tinubu.

The President who presided over the Federal Executive Council (FEC) meeting on Monday 29 July 2024 at the Council Chamber in the State House, Abuja signed the bill.

Recall that the tripartite committee had submitted two figures in its report to the President as a result of disagreement among the government, the private sector and organized labour. While the government and the business sector offered N62,000, organized labour requested N250,000.

Mohammed Idris, the Minister of Information and National Orientation, told State House correspondents after the meeting that President Tinubu agreed to pay N70,000 instead of the N62,000 that was initially offered.

FG and Labour concur on N70,000. “It is with great pleasure that we announce an agreement between Organized Labour and the Federal Government to boost the N62,000 salary. We intend to submit proposals for a new national minimum wage of N70,000 for legislative action to the National Assembly.

“Yet it’s not the only thing. In addition, there is a boost because the President has promised to ensure that significant investments in infrastructure would be made. Further increases in federal funding for renewable energy are also taking place. According to the President, extra funds will be allocated to the purchase of additional CNG buses, making Nigeria more CNG-compliant.

“We’re making progress toward the switch to renewable energy, and as Mr. President promised Labor, we’ll also be examining the issues surrounding 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).

“Organized labor has played a significant influence and we are happy and grateful. They acknowledged the responsibility of the Federal Government in guaranteeing local government autonomy and ensuring alignment between Labor and the government.

“They have witnessed the President’s generosity, and today the Labour leadership stated that they did not come here for negotiations, at all. Rather, they came here with a strong sense of patriotism to make sure that Nigeria stays united and grows economically, and it is in that spirit that they support the actions taken by the Federal Government today.

“We express our gratitude to Labour for their sense of patriotism. We also wish to express our gratitude to Mr. President, the Federal Government, the subnationals, and the Organized Private Sector for their tireless efforts, which ultimately resulted in Nigeria emerging victorious.”

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