In a recent development, the Nigerian Labour Congress (NLC) has disclosed that it rejected a proposal by President Bola Tinubu to increase the minimum wage to ₦250,000, contingent upon accepting a hike in petrol prices. NLC President, Joe Ajaero, revealed that the organized labour movement declined the offer to prevent further hardship for Nigerians.
During a meeting with the President, Ajaero explained that the labour movement prioritized the welfare of Nigerians over personal gains, opting for a ₦70,000 minimum wage instead. This decision was made in consideration of the country's economic landscape and the need for a more frequent wage review process, now set at three years instead of five.
The NLC's stance comes amidst a significant increase in petrol prices, which rose from ₦184 in May 2023 to approximately ₦700 currently, depending on the region. President Tinubu is expected to submit an executive bill to the National Assembly to formalize the agreed-upon minimum wage.
This development highlights the ongoing efforts of the Nigerian government and labour movement to balance economic realities with the need for fair compensation. The NLC's decision demonstrates its commitment to safeguarding the interests of Nigerian workers while navigating the complex landscape of economic policy."