In an interview on Channels Television’s Politics Today, Adams Oshiomhole, the Senator representing Edo North, disclosed that Nigerian workers, the Federal Government, and state governments have reached a consensus regarding the necessity of raising the minimum wage.
Oshiomhole, a former labour union leader, emphasized that all parties involved recognize the outdated nature of the current minimum wage of N30,000 and agree that it should be increased to align with the escalating cost of living.
He stated, “There is a consensus among employers, including private entities, as well as the Federal Government and, I believe, state governments, that the current minimum wage of N30,000 is inadequate.”
“There is an acknowledgment of the significant decline in the purchasing power of workers across all levels, including directors and permanent secretaries, not to mention those on levels one to four, which necessitates a substantial increase,” he stated.
“In a market economy, there are even countries where wages are tied to the rate of inflation. Therefore, there is a shared commitment to significantly raise wages in line with the sharp increase in prices,” he added.
It is worth recalling that the federal government had assured Nigerian workers that the new minimum wage would come into effect from May 1, 2024.
The Minister of State for Labour, Nkeiruka Onyejeocha, reiterated this assurance on Wednesday while addressing Nigerian workers at the May Day celebration in Abuja.
Onyejeocha expressed regret that the new national minimum wage was not ready by today but assured that extensive consultations are ongoing to expedite the process of finalizing the document.
Oshiomhole commended the Federal Government for assuring workers that a new minimum wage would take effect from May 1.
Former President Muhammadu Buhari signed the current Minimum Wage Act of N30,000 into law in 2019. According to the Act, it is scheduled for review every five years to align with the evolving economic needs of workers.
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