In a significant move aimed at improving the livelihoods of Nigerian workers, President Bola Tinubu has endorsed a new minimum wage of N70,000. This commitment also includes a pledge to reassess the national minimum wage legislation every three years to ensure it remains fair and reflective of the economic realities.
During a meeting in Abuja on Thursday, President Tinubu made these announcements while meeting with leaders of the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) for the second time in a week. This engagement underscores his administration’s dedication to addressing labor issues and ensuring a better standard of living for Nigerian employees.
President Tinubu also assured that his government will explore various avenues to support both the private sector and sub-national entities in meeting the new minimum wage requirements. This support is crucial to ensuring that all employers can comply with the new wage standards without undue financial strain.
The endorsement of the N70,000 minimum wage is a pivotal step towards improving worker welfare and fostering economic stability. It reflects President Tinubu’s commitment to equitable economic policies and his responsiveness to the needs of the Nigerian workforce.
This move is expected to have a positive impact on the economy by increasing the purchasing power of workers, thereby stimulating demand for goods and services. Additionally, the regular reassessment of the minimum wage will help maintain its relevance and effectiveness in addressing the cost of living.
President Bola Tinubu’s endorsement of a N70,000 minimum wage, along with his commitment to periodic reassessment and support for compliance, marks a significant milestone in the ongoing effort to enhance the well-being of Nigerian employees. This proactive approach highlights the administration’s dedication to fostering a more equitable and prosperous society.
