Minimum wage: Stakeholders laud Tinubu, labour 

Some stakeholders in the labour market have commended President Bola Tinubu and the organised labour for coming up with the long-awaited new minimum wage.

They made the commendation in interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos.

NAN reports that Tinubu, on Thursday, approved N70,000 new minimum wage.

Tinubu was said to have announced the new minimum wage during a meeting with the leadership of the organised labour in Abuja.

The new minimum wage, if upheld by the National Assembly, will replace the N30,000 minimum wage which expired on April 18, 2024.

The President, National Union of Local Government Employees, Mr Ambali Olatunji, who commended the president, said the meeting was peaceful.

He said that in spite of the two different positions submitted by the tripartite committee on the wage, the parties were able to harmonise and agree on transmission of N70,000 approved by the president.

“We want a minimum wage that everybody can comply with: the governors, private sector and all others, and now that we have a middle way, I think there will be no justification for anybody not to comply.

“To that extent, we believe the federal, state, local governments and the private sector will conveniently comply, “ he said.

Also, the President, Association of Senior Staff of Banks, Insurance and Financial Institutions, Mr Olusoji Oluwole, expressed relief that labour and the government had finally come to an agreement as regards the wage.

“There still lies the issue of affordability of the new wage by state and local governments and private institutions.

“Most important, however, is the issue of getting value for the new minimum wage.

“Government still needs to tackle the challenges faced by workers such as affordable food, transport, healthcare and education.

“The unabated rising costs, if not brought under control, will clearly erode the wage,” Oluwole said.

Earlier, in a statement, the Organised Private Sector of Nigeria (OPSN) also commended Tinubu for putting to rest the protracted issue of a new national minimum wage.

OPSN comprises the Nigeria Employers’ Consultative Association (NECA), Manufacturers’ Association of Nigeria, National Association of Chambers of Commerce, Industry, Mines and Agriculture; Nigeria Association of Small and Medium Enterprises, and Nigerian Association of Small Scale Industrialists.

In the statement, NECA’s Director-General, Mr Adewale-Smatt Oyerinde, commended the president and noted his commitment to supporting the sub-nationals and the organised private sector to pay the new wage.

“While we commend the president for the approval, it should be noted that the ability to pay remains a fundamental consideration.

“The proposed support by the president to organised businesses should be immediately announced to enable businesses to plan effectively.

“The private sector will continue to partner with the organised labour to ensure compliance and inclusive economic development, while we look forward to the support promised by government, “ Oyerinde said.

(NAN)