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Minimum Wage: Federal Government proposes ₦62,000 as the new minimum wage

The Federal Government has proposed a new minimum wage of ₦62,000, an increase from the previous ₦60,000. However, organized labour has reduced their demand to ₦250,000, a shift from their initial request of ₦494,000.

The tripartite committee, set up by the Federal Government, has concluded their deliberations on the new minimum wage after several months.

The recommendations will now be sent to President Tinubu, who will then send an executive bill to the National Assembly for legislative action.
The government, organized private sector, and labour all agree that the current minimum wage of ₦30,000 is no longer sustainable. However, agreeing on a figure for the new minimum wage has been a challenge.

The strike called by labour on June 3 was suspended after the Federal Government promised to increase the minimum wage.

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