President Bola Tinubu is expected to announce an increase in the minimum wage on May 1st, which is also International Labour Day. The new wage increase will be applied retroactively from April. The National Minimum Wage Committee is currently in the process of finalizing negotiations for the new wage structure. According to Saturday Punch, President Tinubu is expected to make the announcement during his Labour Day address. A committee member, who wished to remain anonymous, said that the committee is in its final stages of deliberation and aims to reach a conclusion before the President’s address. The committee member stated that the goal is to have the new minimum wage announced on Workers’ Day (May 1st) and to take effect from April, but the current minimum wage of N30,000 will no longer be valid after March 31st. The committee member thinks that the new wage structure might not be ready by then, and that there is still a long way to go to agree on a minimum wage that everyone can accept. The committee will collect the positions of the zones and committee members, including those of the NLC, TUC, NECA, and the government, to determine the direction of the main committee. They will then make some adjustments and hold a private meeting with Mr. President to discuss their findings. The committee will consider the ability to pay and consult with state governors. NECA will also be involved, and they will work to merge those angles. A presidential aide, who spoke anonymously, said that President Tinubu might not wait until May 1st to announce the new minimum wage if the committee is able to complete its assignment as scheduled.
