According to President Bola Tinubu, Nigeria’s new minimum wage needs to be reasonable and practical.
He asserts that when determining a new minimum wage for workers nationwide, the financial resources of each member state of the federation—especially those with fewer resources—must be taken into account.
The President stated in a Sunday interview with The Nation that one aspect that needs to be thoroughly examined is the capacity of certain states to enact and maintain a new minimum wage when the previous one hasn’t even been fully embraced nationwide.
Tinubu said in the meantime, the federal government is committed to the provisional increase in the federal minimum wage to N35,000 per month for a six-month period, adding that two months have been paid to workers already.
“I understand the concerns regarding the unveiling of the new minimum wage and how states will manage these changes, especially those with fewer resources.
“To address this, my administration has approved a provisional increase in the federal minimum wage to N35,000 per month for a six-month period, two months of which have already been paid. This decision follows extensive consultations with the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).
“In managing the situation with the states, we are working closely with them to ensure the new wage structure is practical and sustainable. It’s important that each state’s unique financial situation is considered.
“We are focused on strategies to help states strengthen their economies, considering factors like tax efficiency and economic diversification.
“We are committed to ongoing dialogues with labour unions and state governments. This collaborative approach is crucial to ensure that the new minimum wage is fair, reasonable, and implementable across all states. Our goal is to balance the economic well-being of our workers with the overall financial health of the nation.