N250,000 Minimum Wage Is Unrealistic – Tinubu Tells NLC
- By Metropolix ~
- June 12, 2024 --
- 0 Comment
— President Bola Ahmed Tinubu
By Adeola Idris
The N250,000 minimum wage demanded by the Nigerian Labour Congress, NLC has been rejected by the presidency deeming it “unrealistic” and “unaffordable”.
Presidential Adviser Bayo Onanuga stated that neither the Federal Government nor the private sector can meet this demand.
Onanuga In a Live Radio Programme on Nigeria Info 99.3 FM pointed out that even the initial offer of N60,000 was rejected by state governors, making the labour unions’ demand unattainable. He emphasized the financial impracticality of the demand, stating that allocating N5 trillion solely to wages would severely constrain other governmental functions, given the national budget of N28 trillion.
The labour unions’ demand comes after weeks of failed negotiations on a new minimum wage. The unions argue that the current N30,000 minimum wage is inadequate, especially in light of the economic impact of petrol subsidy removal and forex unification. Despite reducing their initial demand from N615,000 to N250,000, the government has only offered up to N62,000.
With no agreement reached, the President is expected to propose a new minimum wage bill to the National Assembly soon. The labour unions continue to push for a higher minimum wage, citing the Minimum Wage Act of 2019, which mandates a review every five years. The stalemate between the government and labour unions persists, with no clear resolution in sight..
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