NASS to Get New Minimum Wage Bill Soon – President Tinubu Tells Nigerians in Nationwide Broadcast

By Osaiyekemwen Confidence

President Bola Tinubu announced during his Democracy Day broadcast on June 12, 2024, that his administration will soon send an executive bill on the new national minimum wage to the National Assembly for passage.

 

In his address, President Tinubu acknowledged the economic hardships currently faced by Nigerians. He attributed the difficulties to the country’s historical over-reliance on oil revenue, which he described as a flawed foundation for the economy.

 

“Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil,” he stated. The President emphasized that the ongoing reforms, though challenging, are essential for establishing a stronger economic foundation and ensuring long-term growth.

 

“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay, and compensation for his endeavour and labour,” he added.

 

President Tinubu assured the nation that he remains attentive to their concerns and committed to improving their economic conditions. “As we continue to reform the economy, I shall always listen to the people and will never turn my back on you,” he declared.

 

In line with this commitment, the President announced that his government has been negotiating with organized labour to establish a new national minimum wage. He revealed that an executive bill reflecting the agreements reached would soon be submitted to the National Assembly and would become law for the next five years or less.

 

This announcement follows a week of nationwide strikes by labour unions demanding a new, “living” minimum wage. The Federal Government has proposed N62,000 as the new minimum wage, but labour unions are insisting on N250,000. A final agreement on the figure has yet to be reached.