President Bola Tinubu says his administration will soon send an executive bill on the new national minimum wage to the National Assembly for passage.
The President announced this during his Democracy Day broadcast today June 12, 2024.
He stated that he understands that Nigerians are currently experiencing economic hardship. He averred that the economy is in bad shape because it was built on a flawed foundation of over-reliance on revenues from oil exploration. He mentioned that his government is taking on some reforms which has caused some hardship but that these reforms are necessary to create a stronger, better foundation for future growth.
“I understand the economic difficulties we face as a nation. Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.
The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.
As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.
In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.
His comment comes barely a week after the Labour unions embarked on a nationwide strike as they demanded a new and ‘living’ minimum wage. The Federal government has proposed N62,000 as the new minimum wage but the Labour unions insist on N250,000. A final figure is yet to be ascertained.