President Bola Tinubu announced his plan to approve a new minimum wage—one that the government can afford, he emphasized. This statement came during a dinner on Wednesday celebrating Nigeria’s 25 years of uninterrupted democracy in Abuja.
What They Are Saying
President Tinubu, clearly basking in the glow of unwavering support from his political allies, pledged his commitment to democratic principles. “I have to celebrate with you, my dear brother, Senate President, Deputy Senate President,” he said, addressing Senate President Godswill Akpabio and Deputy Senate President Jibrin Barau. Tinubu hinted that they would soon receive an Executive Bill on the new minimum wage.
With a touch of sarcasm, Tinubu remarked, “The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford. Cut your coat according to your size, if you have size at all.”
Why It Matters
In an attempt to address the skyrocketing food prices, Tinubu also vowed to combat banditry, a significant factor driving farmers away from their lands. Earlier, in his Democracy Day speech, the President honored MKO Abiola and other democracy heroes, calling on Nigerians to support his administration’s economic initiatives. He also confirmed that a bill for a new minimum wage would soon be sent to the National Assembly.
However, negotiations between labor and the government hit a snag on Friday, June 7, 2024. Labor unions, initially demanding ₦494,000, reduced their request to ₦250,000. Meanwhile, the government, starting from a modest ₦60,000, grudgingly upped their offer to ₦62,000—an amount unlikely to satisfy anyone.
Both sides have now submitted their reports to President Tinubu, who is expected to make a final decision and send an executive bill to the National Assembly. The question remains: will this “affordable” minimum wage be enough to placate a populace already struggling with economic hardship?
