UPDATE: FG, Labour agree on N70,000 new minimum wage

Kunle Sanni
President Bola Tinubu and the organiser labour unions have reached an agreement on a N70,000 minimum wage for workers.
The Minister of Information, Mohammed Idris, made this announcement Thursday while briefing reporters at the State House after meeting with labour union members and government officials.
Additionally, Idris revealed that President Tinubu has assured that Nigeria would be more Compressed natural gas, and CNG compliant to reduce reliance on fossil fuel energy.
Western Post Online reported last week that members of organised labour and the federal government agreed to reconvene their meeting in a bid to resolve negotiations for a new minimum wage.
Idris said, “Labour came last week. They had meeting with Mr. President. They asked for adjournment for a week to go and consult further. They did those consultations. They have come back today and we have met with Mr. President.
“We’re happy to announce today that both the federal government and organized Labour have agreed on an increase of N62,000. The new national minimum wage that we expect us to present to submit to the National Assembly for legislation is N70,000.
In her remarks, Minister of State for Labour Nkiru Nyejiocha revealed that the president had also instructed that the minimum wage should be reviewed for renegotiation every three years, unlike the statutory every five-year review, according to law.
“First and foremost, the review of this minimum wage policy has to be reduced to three years, that five years is too long a time to get any minimum wage review that’s not very healthy.
“And as of course, that Labour should look at the indices of the economy and accept N70,000, minimum wage, and, of course, that it has to be reviewed every three years. Not more than that, of course, so that we’re able to evaluate and see whether our economy is picking up, or whether something has to be done further, considering the sensitivity of the issue.” she said.
She added that the president also directed the minister of Budget and planning Atiku Bagudu to agree on modalities for settling the salary arrears of NASU and SSANU that resulted in the no-work-no-pay policy on striking workers that was introduced by the previous administration.
Why we agreed- NLC
The president of Nigeria Labour Congress, (NLC), Joe Ajero, however, said the union agreed because of the agreement by parties to come to the negotiating table every three years.
“And we’re here now, what we have announced in terms of the amount of N70,000 happened to be where we are now. But the good thing about it is that it will not wait for another five years to come on review.
“Rather than settling on a figure that we wait for five years, it is like we’ll now have to negotiate even two times within five years, with a view to going up.
“That is one of the reasons you know why we decided to reach where we are today. Because of the provision that you know, you can review the next three years.” he said.