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| President Bola Ahmed Tinubu |
President Bola Ahmed Tinubu has officially signed the new minimum wage bill into law. This decision was made during the Federal Executive Council (FEC) meeting held at the Council Chamber in the State House, Abuja, where the N70,000 minimum wage was approved.
The agreement between the Federal Government and Organized Labour to set the new minimum wage at N70,000 was reported by Vanguard. This decision came after extensive discussions and negotiations among government representatives, the private sector, and labor unions.
Initially, there was a disagreement on the proposed figures. The government and the private sector suggested a minimum wage of N62,000, while organized labour demanded N250,000. The tripartite committee, tasked with resolving this issue, presented these differing figures to President Tinubu.
Following the FEC meeting, Minister of Information and National Orientation, Mohammed Idris, addressed State House correspondents. He announced that President Tinubu had decided to increase the initial offer from N62,000 to N70,000 as the new national minimum wage.
"We are pleased to announce that the Federal Government and Organized Labour have agreed on the new minimum wage of N70,000," Idris said. He also highlighted the President's commitment to significant investments in infrastructure and renewable energy. "More funds will be allocated for acquiring CNG buses, making Nigeria more compliant with renewable energy standards," he added.
In addition to the minimum wage increase, the President assured that issues concerning the Academic Staff Union of Universities (ASUU), the Senior Staff Association of Nigerian Universities (SSANU), and the Non-Academic Staff Union of Educational and Associated Institutions (NASU) will be addressed. These assurances come as part of a broader effort to improve the country's educational sector and ensure better working conditions for university staff.
Idris also expressed gratitude for the role of Organized Labour in these negotiations. He noted that the labor unions demonstrated a deep sense of patriotism and a commitment to keeping Nigeria united and prosperous. "Organized Labour recognized the Federal Government's efforts in ensuring local government autonomy and maintaining a collaborative relationship with the government," he said.
The Minister thanked Organized Labour for their understanding and cooperation throughout the negotiation process. He also acknowledged the contributions of the Federal Government, sub-national governments, and the private sector in reaching this agreement.
"The leadership of Labour came with a spirit of patriotism, not for negotiation, but to ensure Nigeria's unity and prosperity. They agreed with the Federal Government's actions, recognizing the President's generosity and commitment to improving the country," Idris concluded.
The signing of the N70,000 minimum wage bill marks a significant step towards improving the living standards of workers in Nigeria. It reflects the government's dedication to addressing the economic challenges faced by its citizens and creating a more equitable society.
The new minimum wage is expected to be submitted to the National Assembly for legislation, ensuring that it becomes a binding law. This development is seen as a positive move towards enhancing the financial well-being of workers across various sectors in Nigeria.
In summary, the new minimum wage law aims to provide better financial security for Nigerian workers, demonstrating the government's commitment to social and economic progress. The collaborative efforts between the Federal Government and Organized Labour highlight a shared vision for a more prosperous and united Nigeria.
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