President Bola Tinubu has approved a new national minimum wage of N70,000 for Nigerian workers.
This decision comes as a major boost for the country’s workforce, who have long advocated for a higher minimum wage to keep pace with the rising cost of living.
The President made this announcement during a meeting with leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) in Abuja.
Tinubu emphasized that the new minimum wage will be reviewed every three years, ensuring that it remains aligned with the country’s economic realities.
This commitment to regular reviews is seen as a positive step towards maintaining the purchasing power of Nigerian workers and addressing the challenges posed by inflation.
Furthermore, President Tinubu stated that his administration will explore ways to assist the private sector and sub-national governments in implementing the new minimum wage.
This move is aimed at ensuring that the increased wage is adopted across the board, benefiting workers in both the public and private sectors.
The President’s pledge to support the implementation of the new minimum wage is a clear indication of his commitment to improving the welfare of Nigerian workers and promoting economic stability.