President Bola Ahmed Tinubu has just signed a new law raising the minimum wage to N70,000, making it 112% higher than it was before.
At a meeting of the Federal Executive Council (FEC) in Abuja, Tinubu officially approved the new minimum wage. This comes after the Federal Government and labor unions agreed on the figure, which was a bump up from the initial N62,000.
Earlier, there was some disagreement: the government and private sector proposed N62,000, while labor unions were asking for N250,000. But now, the new minimum wage of N70,000 is set.
Minister of Information and National Orientation, Mohammed Idris, shared the news, saying, “We’re excited to announce that the Federal Government and Organized Labour have agreed on N70,000 as the new minimum wage. This is up from the initial N62,000.”
He added that there’s more good news as the President is also planning big investments in infrastructure and renewable energy. “We’ll be adding more CNG buses and making Nigeria more CNG-compliant,” Idris said.
Idris also mentioned that the President is addressing concerns related to universities and other staff unions. He praised the labor unions for their patriotic spirit, acknowledging their role in pushing for this change.
“We thank Labor for their dedication and President Tinubu for his leadership. This agreement is a win for Nigeria,” Idris concluded.
