After months of negotiations, the Federal Government, Labour and the Organised Private Sector (OPS) yesterday settled for N70,000 as the new national minimum wage.
The new pay, which will go into effect after passage by the National Assembly and assent by the President, will replace the subsisting N30,000 minimum wage, which came into effect in 2019.
President Bola Ahmed Tinubu said he signed off on the figure because no one in a federal establishment should earn anything less.
He spoke during a meeting with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) leaders at the State House, Abuja.
President Tinubu said he intervened in the negotiations knowing the economic challenges faced by Nigerians, and the need to provide urgent succour.
Employers had offered varying amounts, such as N48,000, N54,000, N57,000, N60,000 and N62,000.
Labour started with an initial N615,000 wage demand, then lowered it to N500,000, N497,000 and N250,000.
The President said he had to “edge a little bit forward” from the recommendations of the tripartite committee to arrive at the figure.
According to him, the decision was made to ensure workers are fairly compensated for their services.
