The Nigeria Labour Congress (NLC) has proactively formed a negotiation team to engage with the Federal Government regarding the impending expiration of the current minimum wage, set in 2018 and due to conclude in April 2024.
President Bola Tinubu has, in his New Year address, committed to implementing a “national living wage” this year, emphasizing its importance both economically and ethically.
President Tinubu affirmed, “The economic aspirations and the material well-being of the poor, the most vulnerable, and the working people shall not be neglected.” This commitment underscores the government’s dedication to addressing the financial concerns of the populace.
The NLC President, Joe Ajaero, revealed in an interview with Vanguard the criteria for determining the new minimum wage, suggesting that it may surpass N200,000, a figure Labor is advocating for. Speaking on the delay in constituting the negotiation committee, Ajaero expressed optimism, noting that though the committee is yet to be formed, the labor team’s names have been submitted.
Ajaero commented on the timeframe for implementing the new minimum wage, stating, “The government virtually reneged on all agreements, including the N35,000 wage award, but we are starting the year with the payment of arrears.” He clarified that the Organized Labour is poised to pick up negotiations from where they left off.
Addressing the speculated N200,000 minimum wage, Ajaero explained, “I didn’t just say N200,000. I tried to figure out the value of $200 then. So, if you are looking at the constant variables from the point of view of two hundred dollars, you will discover that a dollar is around a thousand two hundred naira now. You have to adjust based on the prevailing circumstances.”
Highlighting the factors that will influence the negotiations, Ajaero emphasized the importance of considering the cost of living, currency devaluation, and the labor market, aligning with comparable nations in terms of economic indices.
In anticipation of an April implementation, the Labour leader is resolute in navigating these negotiations to secure a new minimum wage that aligns with the evolving economic landscape.
