Today, Thursday, President Bola Ahmed Tinubu is set to meet with organized labor at the Presidential Villa to make the much-anticipated announcement regarding the national minimum wage. This meeting is a follow-up to last week’s discussions and will serve as the final stage for negotiations between the President and labor leaders concerning the new minimum wage.
The Federal Government has put forward a proposal of N62,000 as the new minimum wage, while labor unions are steadfast in their demand for N250,000, citing the existing economic conditions. During the discussions held last week, President Tinubu urged labor to take into account the limited available resources. He also suggested revisiting the minimum wage every two to three years, instead of the current five-year interval, in order to prevent controversies.
The Minister of State for Labour and Employment, Nkeiruka Onyejiocha, characterized the previous meeting as productive and described it as a family discussion. NLC President Joe Ajaero confirmed that all parties engaged in open discussions regarding the new wage policy but did not disclose specific figures.
In the meantime, President Tinubu has asked the Senate to amend the Appropriation Act of 2024, proposing an increase of N3.2 trillion in capital expenditure and N3 trillion in recurrent expenditure.
In a letter addressed to the Senate President, Senator Godswill Akpabio, President Tinubu requested the Senate on Wednesday to amend the 2024 Appropriation Act and the 2023 Finance Act by raising the budget by N6.2 trillion. Tinubu cited the authority granted by Section 58, sub-section 2 of the constitution of the Federal Republic of Nigeria 1999, as amended, as the basis for this action.
The letter reads: “I forward herewith the above bills for consideration and passage by the Senate.
“The Appropriation Act Amendment Bill 2024 seeks to amend the principal act to provide the sum of N3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which are to be funded by expected revenue accruing to the Federal Government of Nigeria.”
