Organized labor appears poised to adjust its stance on the minimum wage, potentially settling for N100,000 as negotiations through the Tripartite Committee on National Minimum Wage intensify with daily meetings scheduled over five days to achieve consensus.
Sources within the labor movement revealed to media on Tuesday a willingness to reconsider their initial demand, which had been set at N494,000. This shift follows criticism and controversy surrounding the previous proposal, which was perceived as extravagant and impractical.
The Minister of Information and National Orientation, Mohammed Idris, highlighted concerns over the proposed minimum wage, citing an annual expenditure of N9.5tn, deemed unsustainable for the nation’s finances.
Despite efforts by the leadership of the National Assembly, labor commenced an indefinite strike on Monday, disrupting economic activities nationwide, including the closure of banks, airports, public schools, and courts. This compelled the Federal Government to convene an emergency meeting to address the impasse.
In a bid to facilitate negotiations, the unions announced a temporary suspension of the industrial action for five days, following President Bola Tinubu’s commitment to a minimum wage higher than N60,000 and the pledge of the tripartite committee to convene daily until a new minimum wage is agreed upon.
President Tinubu instructed the Minister of Finance, Wale Edun, to provide the financial implications of the new minimum wage within two days during a meeting with the government negotiation team.
Labor officials, speaking on condition of anonymity, indicated their intent to push for a N100,000 minimum wage. The tripartite meeting on Tuesday focused on setting agendas for the forthcoming negotiations, with both sides aiming to conclude discussions within the week.
In response to the developments, opposition lawmakers in the House of Representatives urged the government to consider implementing a minimum wage of over N100,000 to address the concerns of organized labor.
The Senate also weighed in on the issue, with Senator Orji Kalu proposing a new minimum wage of N90,000. However, concerns were raised about the economic feasibility of such proposals, with former Central Bank deputy governor Kingsley Moghalu suggesting a minimum wage between N75,000 and N100,000, emphasizing the importance of productivity and economic sustainability in setting wage levels.
