Tag: New Minimum Wage

‘N70,000 minimum wage now worth just $47’ – US Report

Aminu Imam
Minimum wage logo

A new report by the United States government has warned that Nigeria’s recently approved ₦70,000 minimum wage has lost much of its value due to the sharp devaluation of the naira. At the current exchange rate of over ₦1,500 to the dollar, the wage amounts to about $47.90 per month, placing Nigerian workers among the lowest-paid globally. The report noted that while the increase was announced as a major reform, its impact has been undermined by inflation and weak enforcement. It also highlighted that the law applies only to businesses…

Read More

FG set to implement New Minimum Wage

Aminu Imam
FG on M'Wage

The Federal Government is set to implement the New Minimum Wage with effect from July 29, 2024. The development comes after FG and the Labour Union on Friday signed a Memorandum of Understanding (MoU) on the ?70, 000 new minimum wage. A statement by the Office of the Head of Civil Service of the Federation (HCSF), and signed by the Head, Information and Public Relations, Eno Olotu said the committee on salaries for civil servants has agreed that the new minimum wage will be implemented from 29 July 2024. It…

Read More

New Minimum Wage: FG reaches agreement on consequential adjustment for ?70,000

Aminu Imam
FG on new minimum wage

The Federal Government committee has reached an agreement regarding the consequential adjustment for the payment of the recently approved new minimum wage of ?70,000 for Nigerian workers. According to reports, the committee has come to an agreement regarding a specific option for consequential salary adjustments on the new minimum wage. Recall that the Federal Government last week Thursday, inaugurated a 16-member committee on consequential adjustments in salaries, to deliberate on issues arising from provisions of the National Minimum Wage Act, 2024. The committee was inaugurated by the Head of Service…

Read More

‘Petrol price renders N70, 000 minimum wage useless’ – NLC

Aminu Imam
NLC on minimum wage

The Nigeria Labour Congress, (NLC), has said the new price for Premium Motor Spirit, (PMS), otherwise known as petrol, has eroded the gains of the yet-to-be-implemented N70,000 new national minimum wage. The Organised Labour said it would meet with the federal government to discuss how workers could survive the recent hardship orchestrated by the development. President of NLC, Joe Ajaero, who disclosed this on Thursday, at the opening ceremony of a two-day workshop on: Minimum Wage Implementation Workshop, Southern Zone, with the theme: Strategies for Effective Implementation of the 2024…

Read More

Adamawa: Jubilation, as workers receive N70,000 minimum wage ‘alerts’

Aminu Imam
Adamawa Gov. Fintiri

Adamawa State governor, Ahmadu Umaru Fintiri, has started the payment of the N70,000 minimum wage approved by the Federal Government. Recall that President Bola Ahmed Tinubu had signed the new Minimum Wage Bill into law a few weeks ago following prolonged negotiations with Organised Labour. However, many State governors have stated that they cannot afford to pay the N70,000 minimum wage due to economic realities. This was after back and forth with the Organised Labour, including the Nigeria Labour Congress, (NLC) and Trade Union Congress, (TUC). In contrast, the Adamawa…

Read More

Tinubu signs National Minimum Wage Bill into law

Aminu Imam
Tinubu signs wage bill

President Bola Tinubu has signed the newly approved national minimum wage into law. The President assented to the Bill yesterday, during the Federal Executive Council (FEC) meeting attended by the members of the Cabinet and the leadership of the National Assembly. Recall that on July 23, President Bola Tinubu sent a Bill to the House of Representatives, proposing a new national minimum wage of ?70,000 for Nigerian workers. This move follows a recent agreement between the President and Organised Labour leaders, reached last Thursday, which established the new minimum wage…

Read More

“New N70,000 Minimum Wage now applies to maids, drivers, others” Senate President?

Aminu Imam
Senate President Akpabio

Senate President, Godswill Akpabio, has announced that the newly approved minimum wage now applies to all workers across both public and private sectors, including maids and other domestic staff. The Bill was speedily passed by both chambers of the National Assembly just after it was transmitted by President Bola Tinubu. Speaking during the plenary on Tuesday, the Senate President said, If you are a tailor and you employ additional hands, you cannot pay them below N70,000. If you are a mother with a newborn child and you want to hire…

Read More

New Minimum Wage: Mass retrenchment looms, as OPS reject N70,000

Aminu Imam
OPS on minimum wage

There is a high possibility of massive job losses within the Organised Private Sector, (OPS), should employers of Labour be compelled to comply with the upward review of the national minimum wage to N70, 000. Recall that on Thursday, President Bola Tinubu, and the Organised Labour, comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), led by their presidents, Joe Ajaero and Festus Osifo respectively, agreed to N70,000, as the new minimum wage during their meeting at the Presidential Villa, Abuja. The National Assembly is scheduled to…

Read More