Nigeria Raises Minimum Wage to N70,000

On Monday, President Bola Tinubu officially signed a new law raising Nigeria’s minimum wage to N70,000. The signing took place during a Federal Executive Council meeting in the capital city, Abuja, right after the bill was approved by the National Assembly.

This new law means that no worker, including domestic staff and other low-income earners, should receive less than this amount. According to the Head of Service in Nigeria, this move is a sign that the President is genuinely concerned about the well-being of workers.

Senate President Godswill Akpabio was present at the signing ceremony and expressed his happiness, stating that this is a significant win for Nigerian workers. He mentioned that the increase from the previous N30,000 to N70,000 doubles the minimum wage, ensuring fair compensation across the board.

The push for a new minimum wage had been a hot topic for some time, especially amidst rising living costs in the country. Labour unions, including the Nigeria Labour Congress and the Trade Union Congress, had been actively negotiating for a higher wage, initially asking for N250,000, but eventually settling on N70,000.

After President Tinubu took office on May 29, 2023, talks to revise the minimum wage gained momentum. Many workers protested and held warning strikes, demanding better pay as the cost of living continued to increase significantly.

In an interview, Joe Ajaero, the President of the Nigeria Labour Congress, indicated that the new minimum wage is already in effect. He mentioned that since the old wage of N30,000 expired on April 14, 2024, this meant the new wage would start from that date, and workers should expect arrears for the past two to three months.

During negotiations, discussions were tough, with employers hesitant about the financial implications of the increased wage. But after several rounds of talks, a consensus was reached at N70,000, even though some governors and private sector representatives argued it was still too high.

This decision comes as President Tinubu aims to address the challenges faced by the labor force and hopes that this increase will help ease the financial burdens on many Nigerians as fuel prices and living expenses continue to soar.