NLC, TUC Speaks On Reason For Accepting N70,000 Minimum Wage

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Friday, July 19th, 2024

(AFRICAN EXAMINER) – Labour has opened up on the reason for accepting President Bola Tinubu’s N70,000 new national minimum wage increase.

According to the president of Nigeria Labour Congress, NLC, Joe Ajaero and his counterpart in the Trade Union Congress, TUC, Festus Osifo, who spoke to newsmen after a meeting with President Tinubu on Thursday, they accepted because wage review will be done every three years, not five years.

The NLC President, Joe Ajaero said: “What has been announced in terms of the amount of N70,000 happened to be where we are now. But the cool thing about it is that we will not wait for another five years to come on review.

“Rather than settling on a figure that we wait for five years, it’s like we’ll have to now negotiate even two times within five years.

“That is one of the reasons why we decided to reach where we are today. Because of the proviso that we can review in the next three years.”

On his part, Osifo said: “The President (Tinubu) made a pronouncement or announcement of N70,000. By next week, he should put the finishing touches to the bill and the transmission to the National Assembly.

“But why this became a catch is because we, from organised labour, have been pushing that the issue of a five years review is a long time, that a lot of economic indices may have changed because we are in an era where things are moving very fast in terms of both macro and micro economic policies.”.

It could be recalled that on Thursday President Tinubu disclosed that N70,000 is the new minimum wage increase for Nigerian workers.