There are strong indications that President Bola Tinubu may unveil the new minimum wage on May 1, in observance of International Labour Day, with its implementation slated to retroactively commence from April.
Sources reveal that the National Minimum Wage Committee is diligently working towards finalizing all negotiations concerning the new wage before the said date, anticipating that President Tinubu will make the announcement during his address on Workers’ Day.
A member of the committee, speaking anonymously due to the sensitivity of the matter, disclosed, “Our goal is to ensure that President Tinubu announces the minimum wage by May 1st, aligning with Workers’ Day, to come into effect from April.”
However, considering that the current minimum wage of N30,000 expires on March 31, there are doubts whether the new rate will be ready by then. The process of arriving at a mutually agreeable minimum wage for the nation is still ongoing, with significant discussions and negotiations yet to occur.
The Minister of Information and National Orientation, Idris Mohammed, was unreachable for comment at the time of reporting.
In response to the evolving situation, a presidential aide, speaking on condition of anonymity, suggested that if the committee concludes its assignment as scheduled, Tinubu might not wait until May 1 to announce the new wage, considering the legal deadline for its implementation by April 1.
Meanwhile, Organized Labour has issued a stern warning to state governors, asserting that it will not tolerate anything less than full implementation once the new minimum wage becomes law. The unions are prepared to confront any governors who resist implementing the new wage.
This stance comes amidst calls from the Nigeria Governors’ Forum (NGF) for the National Minimum Wage Committee to consider individual states’ circumstances in determining an acceptable wage. However, Labour insists that such considerations could lead to prolonged industrial unrest.
Negotiations on the new wage have been ongoing since January when the Federal Government inaugurated a tripartite committee responsible for deliberating on the matter. During zonal public hearings, workers across different regions proposed varying figures for the new minimum wage.
Despite the challenges posed by inflation and economic dynamics, Labour remains resolute in its demand for a living wage for Nigerian workers. The fate of the new minimum wage hinges on collaborative efforts between the government, employers, and Labour to ensure fair compensation and economic stability.
