President Tinubu Signs New N70,000 Minimum Wage Bill into Law

President Bola Ahmed Tinubu has officially signed the new minimum wage bill into law, establishing N70,000 as the new national minimum wage. The signing took place during a Federal Executive Council (FEC) meeting at the State House in Abuja.

This decision follows a protracted negotiation involving a tripartite committee comprising representatives from the government, private sector, and organized labor. Initially, the government and private sector proposed a minimum wage of N62,000, while organized labor demanded N250,000. The final agreement of N70,000 represents a compromise.

Minister of Information and National Orientation, Mohammed Idris, addressed State House correspondents after the meeting, confirming the President's decision to exceed the initial offer of N62,000. “We’re happy to announce that both the Federal Government and Organized Labour have agreed on an increase to N70,000, which we expect to submit to the National Assembly for legislation,” Idris stated.

The minister highlighted additional commitments from President Tinubu, including significant investments in infrastructure and renewable energy. The President has pledged to increase the acquisition of CNG (compressed natural gas) buses to enhance Nigeria's transition to more sustainable energy sources.

Furthermore, Tinubu assured that issues concerning 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) would be addressed.

Minister Idris praised the collaborative efforts of organized labor, acknowledging their role in advocating for local government autonomy and cooperating with the Federal Government. “We are happy, we are very thankful for the role organized labour has played. They recognized the Federal Government’s efforts, and today, the leadership of Labour showed a deep sense of patriotism,” Idris noted.

In conclusion, Idris expressed gratitude to all parties involved in the negotiation process, emphasizing the collective achievement. “We want to thank Labour for their patriotism. We also want to thank Mr President, the Federal Government, the sub-nationals, and the Organized Private Sector for ensuring that at the end of the day, Nigeria is the winner for it all.”