President Bola Tinubu is anticipated to announce an increase in the minimum wage on May 1, aligning with the International Labour Day celebrations, with plans to implement the hike retroactively from April.
This development, as reported by Saturday Punch, comes amid ongoing deliberations by the National Minimum Wage Committee to finalize negotiations on the new wage structure.
The committee is reportedly in the final stages of its deliberations, aiming to conclude discussions in time for the Labour Day address by the President.
A member of the committee, who spoke to with the platform on condition of anonymity because of the sensitive nature of the issue, said, “By next week, the minimum wage committee will meet again.
It’s a continuous meeting. That is a meeting where all the reports from the zonal public hearings will be collated and reported, and then, you know, that will also give the committee the direction to work with.
“Our target is to ensure that Mr President announces the minimum wage by the 1st of May, which is the Workers’ Day, for it to take effect from April. So, we are working to meet the timeline.”
When reminded that the current minimum wage of N30,000 would cease to be valid on March 31, the committee member said it was unlikely that the new rate would be ready before then, adding that there was still a long way to go in arriving at an acceptable minimum wage for the country.
The source stated, “We have not got to the negotiation point yet. When you finish with the zones, it is the aggregate of what you collect from the zones that will determine the direction of the main committee.
Now that we have finished with the zones, when the committee meets, it will collate all the positions of the zones and committee members.
“The positions of the NLC, TUC, NECA (the Nigeria Employers Consultative Association) and the government will be looked at. Then, we will look at the aggregate, find a percentage, and arrive at what will be agreeable.
“We are going to make some adjustments. I am sure the committee will also have a private meeting with Mr President; they will look at the ability to pay, and then with the state governors. NECA will also be involved and we will see how we marry those angles. It is not a one-stop affair.”
A presidential aide, who spoke on condition of anonymity because he was not the official spokesperson for the President, said Tinubu might not wait for May 1 to announce the new minimum wage if the committee was able to complete its assignment as scheduled, noting that ordinarily, the new wage should come into effect on April 1.
The aide said, “I don’t think the government will be able to wait until May 1 before announcing the minimum wage. The law says it should be concluded by early April.
“If the parties agree, why do they have to wait to make the announcement? Because they are negotiating and the law says negotiations should be completed by April.”
