The Federal Government has raised its offer for a new national minimum wage to ₦62,000, while organized labour has lowered its demand from ₦494,000 to ₦250,000.
This development follows the Minister of Finance, Wale Edun, submitting the cost implications of the new minimum wage to President Bola Tinubu. A source confirmed this information to The Punch correspondent on Friday night in Abuja.
“After wasting our time, they finally came up with the offer of ₦62,000, which was backed by the private sector. Labour also reduced ours to ₦250,000. This is embarrassing,” stated a labour negotiation representative.
Previously, President Tinubu had instructed Edun to present the cost implications for a new minimum wage within two days. This directive was issued during a meeting with the government negotiation team, led by the Secretary to the Government of the Federation, George Akume, at the Presidential Villa in Abuja. Although Edun has submitted the proposal to the President, it has not yet been made public.