President Bola Tinubu announced that he will approve a minimum wage that the government can afford for workers in Nigeria. He made this statement during a dinner in Abuja celebrating 25 years of unbroken democracy.
During his address, President Tinubu expressed gratitude to those who have supported him over the years and reaffirmed his commitment to democratic principles. He acknowledged Senate President Godswill Akpabio and Deputy Senate President Jibrin Barau, indicating they would soon receive an executive bill from him regarding the new minimum wage.
“The minimum wage will reflect what Nigerians can afford, what you can afford, and what I can afford. Cut your coat according to size, if you have a size at all,” Tinubu stated.
He also promised to reduce food prices by addressing the issue of banditry that has driven many farmers from their lands.
READ ALSO: Soludo: I Pity Tinubu If He Approves Unsustainable Minimum Wage
In his Democracy Day speech, President Tinubu honored MKO Abiola and other democracy heroes. He called on Nigerians to support his administration's efforts to strengthen the economy. He announced that a bill for a new minimum wage would soon be sent to the National Assembly.
On June 7, 2024, negotiations between labor and the government did not result in an agreement. Labour reduced its demand from ₦494,000 to ₦250,000, while the government increased its offer from ₦60,000 to ₦62,000. Both sides have submitted their reports to President Tinubu, who is expected to make a decision and send an executive bill to the National Assembly to enact a new minimum wage law.
