FG Offers N62,000 As New Minimum Wage, Labour Demands N250,000

 

After hours of intense negotiations, the Federal Government, along with the organised private sector, has raised its offer for the new minimum wage to N62,000, marking a slight increase from the earlier N60,000. However, the organised labour, represented by the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC), is pushing for a substantial raise to N250,000, significantly higher than their initial demand of N494,000.The conclusion of discussions by the tripartite committee, established by the Federal Government months ago to address the minimum wage issue, signals a critical phase in the wage deliberations. The recommendations from these talks will now be presented to President Tinubu for the formulation of an LLC executive bill to be forwarded to the National Assembly for legislative consideration.Despite all parties acknowledging the inadequacy of the current minimum wage of N30,000 in light of the country's economic challenges, reaching a consensus on the new figure has proven arduous. While the government and private sector view labour's N494,000 proposal as excessive, labour deems the government's N60,000 offer as insufficient.The recent strike action initiated by labour, which commenced on June 3 following the expiration of an ultimatum, paralyzed businesses nationwide. However, the strike was temporarily halted on Tuesday following assurances from the Federal Government to revise the minimum wage beyond N60,000, leading to the resumption of negotiations.Festus Osifo, President of the TUC, emphasized the workers' stance against minor increments to the previous offer, stating that they require a substantial adjustment. Osifo's sentiments echo the sentiments of labour, who vowed not to settle for marginal increases.On the other hand, the 36 state governors have expressed concerns regarding the sustainability of the proposed N60,000 minimum wage, highlighting potential challenges in meeting salary obligations if implemented. They urge the tripartite committee to agree on a minimum wage that is both fair and feasible for all stakeholders involved.With divergent positions from both labour and government, the path forward remains uncertain. The outcome of ongoing negotiations will undoubtedly shape the future of wage policies in Nigeria, impacting millions of workers across various sectors.