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Nigerian President promises new minimum wage amid ongoing challenges

Wednesday, 12 June 2024 15:38
Nigerian President promises new minimum wage amid ongoing challenges

(Ecofin Agency) - Nigerians are voicing strong dissatisfaction with the current economic situation, largely attributing their concerns to reforms enacted under the Tinubu administration. While some minor changes are anticipated, significant challenges persist.

President Bola Tinubu of Nigeria unveiled forthcoming plans to introduce an executive bill to the National Assembly to establish a new national minimum wage. This announcement was made during his Democracy Day address on June 12, 2024.

“We have negotiated in good faith and with open arms with organized labor 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,” he said.

The decision follows negotiations between the government and organized labor, which have been ongoing amid pressure from unions. The organized labor had initially demanded 615,000 naira and later reduced it to 494,000 then to 250,000. However, the government showed no willingness to go above 62,000 naira, which is already more than double the current 30,000 naira in place since 2019. But the exact details of the soon-to-be-sent bill have not been specified yet.

In his address, President Tinubu acknowledged the economic hardships faced by the country, citing the ongoing economic reforms aimed at creating a stronger foundation for future growth. He emphasized that these reforms, although difficult, are necessary to ensure long-term economic stability and opportunities for all Nigerians.

Let’s note that this development comes amid rising inflation in Nigeria. The rate stood at 33.69% in April 2024, up from 33.20% the previous month, according to the Central Bank.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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