The long-awaited national minimum wage announcement is expected today, Thursday, as President Bola Ahmed Tinubu meets with organised labour at the Presidential Villa.
The meeting, a continuation of last week’s discussion, will see the President and labour leaders finalize negotiations on the new minimum wage.
While the Federal Government has proposed N62,000, labour is holding firm at N250,000, citing prevailing economic realities.
Last week, both parties were able to share their views, with President Tinubu appealing to labour to consider the available resources. The President also suggested a review of the minimum wage every two or three years, rather than the current five-year cycle, to avoid controversies.
The Minister of State for Labour and Employment, Nkeiruka Onyejiocha, described the previous meeting as “fruitful” and a “family discussion.”
NLC President Joe Ajaero confirmed that all parties openly discussed the new wage policy, but did not delve into specific figures.
Meanwhile, President Tinubu has requested the Senate to amend the Appropriation Act, 2024, to increase capital expenditure by N3.2 trillion and recurrent expenditure by N3 trillion.
President Tinubu had on Wednesday through a letter requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget by N6.2 trillion.
Tinubu, in the letter addressed to the Senate President, Senator Godswill Akpabio, said the move was pursuant to Section 58, sub-section 2 of the constitution of the Federal Republic of Nigeria 1999 as amended.
The letter reads in part: “I forward herewith the above bills for consideration and passage by the Senate.
“The Appropriation Act Amendment Bill 2024 seeks to amend the principal act to provide the sum of N3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3 trillion to meet further recurrent expenditure requirements, necessary for the proper operation by the Federal Government expenditure, which are to be funded by expected revenue accruing to the Federal Government of Nigeria.”
