BREAKING: FG proposes N62,000 minimum wage, labour demands N250,000

The Federal Government has raised its offer for a new national minimum wage to N62,000, while organized labor has decreased its demand from N494,000 to N250,000.

This comes after Wale Edun, the Minister of Finance, submitted the cost implications of the minimum wage to President Bola Tinubu.

Recall that earlier today, Governors from the Nigerian Governors Forum have rejected the proposed N60,000 minimum wage for Nigerian workers.

In a statement issued on Friday by Halimah Salihu Ahmed, NGF’s Director of Media and Public Affairs, the governors said that the proposed minimum wage is too high and unsustainable.

The NGF voiced concern that if the N60,000 minimum wage is implemented, many states may use their entire Federal Account Allocation Committee allocations for salaries, leaving no funds for development projects.

The statement said in part, “The Nigeria Governors’ Forum agrees that a new minimum wage is necessary. The Forum also sympathizes with labor unions in their efforts to raise salaries.

It stated, “We appeal that all parties involved, especially the labour unions, consider all the socioeconomic variables and settle for an agreement that is sustainable, durable, and fair to all other segments of the society who have a legitimate claim to public resources.”

The organized labor had vowed to reject any minimal increase to the N60,000 offer proposed by the tripartite committee on the new minimum wage.

President of the Trade Union Congress, Festus Osifo, reiterated this stance during an appearance on Channels Television’s Politics Today program.

The organized labor groups, including the TUC and the Nigeria Labour Congress, suspended their industrial action on Monday after reaching an agreement with the Federal Government.

The government assured President Bola Tinubu is committed to a minimum wage higher than the N60,000 previously offered.

Less than 24 hours after the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented the cost implications of a new minimum wage to President Bola Tinubu, the governors agreed that a new minimum wage is due.