President Tinubu Sets Clock Ticking for New Minimum Wage: Finance Minister Under Pressure to Revise Proposals

By: Nwakaji Martins

President Bola Tinubu has instructed the Coordinating Minister of the Economy and Minister of Finance, Wale Edun, to assess the financial implications of the new minimum wage and provide a feasible, enduring, and pragmatic figure within the upcoming two days.
This directive was communicated by the Minister of Information and National Orientation, Mohammed Idris, subsequent to a meeting between the government’s representatives involved in the negotiations on the minimum wage with the organized labor.
Idris disclosed that the president convened a meeting that included all parties who negotiated on behalf of the Federal Government, such as the Secretary to the Government of the Federation (SGF), George Akume, Edun, Idris, the Minister of Budget and National Planning, Atiku Bagudu, Minister of State for Labor and Employment, Nkeiruka Onyejeocha, and the Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (GCEO-NNPCL), Mele Kyari.

The purpose of this meeting was to address all matters related to the minimum wage negotiations and organized labor. The figures presented for the new minimum wage will serve as the foundation for discussions with organized labor. Idris emphasized that the president was resolute in accepting the committee’s decisions in conjunction with organized labor and was dedicated to the well-being of Nigerians.
“The president has recently scheduled a meeting involving all the individuals who negotiated on behalf of the Federal Government, comprised of the finance, information, budget and national planning, and labor ministers, as well as the NNPCL group managing director, under the leadership of the SGF. “We gathered to examine all aspects, and the president has tasked the finance minister to calculate the numbers and report back within the next two days, enabling us to have the required figures for negotiations with labor,” he stated.

The information minister also expressed the Federal Government’s commitment to striking a balance between its obligations and the prevailing circumstances in the country. He clarified that the government was not opposed to salary increments but was striving to ensure that any commitments made were upheld. “And I must emphasize that the president is committed to upholding the committee’s recommendations and is also attentive to the welfare of Nigerians. The government is not against engaging in discussions with labor; the government does not oppose salary increases. However, we aim to guarantee a harmonious relationship between government declarations and the actual conditions on the ground. Thus, we will strive to ensure that any pledges made by the government are honored; this was the essence of the meeting.”

Idris further mentioned that the president had issued a directive to the government representatives, the organized private sector, and sub-national entities to collaborate in establishing a new, viable, and sustainable wage structure for Nigerians. “The wage structure is not exclusive to the Federal Government but also involves sub-national entities and the organized private sector, which were not present during the initial negotiation process.
“The president has urged all those who negotiated on behalf of the Federal Government, as well as representatives from the organized private sectors and sub-national entities, to come together and devise a new wage structure that is affordable, sustainable, and pragmatic for Nigerians. “The wage structure is not solely the responsibility of the Federal Government, as I mentioned earlier; it also encompasses the sub-national entities and the organized private sector. It was labor that withdrew during the initial process, but now we have resumed negotiations.”
The minister stated that all parties involved in the negotiation of the new minimum wage would collaborate with organized labor to propose a new minimum wage for Nigerians within the next week, emphasizing that every party would work diligently to ensure that the new wage was acceptable, sustainable, and realistic for Nigerians. “All of us will diligently work together over the next week to develop a new wage structure for Nigerians that is acceptable, sustainable, and realistic,” he remarked.