Organised Labour Accepts N70,000 Minimum Wage Amidst Economic Concerns

The Nigerian Labour Congress (NLC) has agreed to a new minimum wage of N70,000 following extensive negotiations with the government. 

This decision was confirmed shortly after President Bola Tinubu endorsed the wage increase.

Comrade Joe Ajaero, President of the NLC, expressed mixed feelings about the agreement, highlighting the challenging economic climate. "We're here last week and we're here now. What has been announced in terms of the amount of N70,000 happened to be where we are now," Ajaero remarked. He emphasized the advantage of the wage being subject to more frequent reviews, stating, "We will not wait for another five years to come on review. Rather than settling on a figure that we wait for five years, we’ll have to now negotiate even two times within five years, with a view to going up."

Ajaero also addressed additional concerns brought to President Tinubu, including issues raised by SSANU and NASU, and the recent actions of the Commissioner of Police FCT. 

He noted the President's directive to relevant agencies to resolve these matters, particularly regarding university workers' payments.

Comrade Festus Osifo, President of the Trade Union Congress (TUC), echoed Ajaero's sentiments, acknowledging the significant step of reducing the review period to three years. He explained, "We have been pushing that the issue of five years review is too much, that a lot of economic indices may have changed."

Osifo highlighted the importance of addressing the grievances of SSANU and NASU to avoid further disruptions in universities, stressing, "Anything that will keep the university shutdown, we will not allow it to happen. We will do everything possible to ensure that the issues are resolved amicably."

Both labour leaders appreciated the President's commitment to introducing incentives like Compressed Natural Gas (CNG) to alleviate the economic burden on workers. 

They also discussed the implementation of student loans, emphasizing the need for these funds to reach the intended beneficiaries.

The acceptance of the N70,000 minimum wage comes after the Tripartite Committee's deliberations, which saw offers ranging from N48,000 to N62,000 before settling on the final figure. 

The organized labour's agreement, contingent on the more frequent reviews and additional considerations, marks a significant development in the ongoing dialogue between the government and labour unions. 

The finalization of the wage increase is expected to be completed soon, with a bill being transmitted to the National Assembly next week. 

As the nation anticipates these changes, the commitment to ongoing negotiations reflects a responsive approach to Nigeria's dynamic economic landscape.