Nigeria's Labour Congress Accepts 70,000 Naira Minimum Wage: A New Era for Workers

It is no longer news that, in a landmark agreement, Nigeria's main labour unions, including the Nigerian Labour Congress and the Trade Union Congress, have accepted a new minimum wage of N70,000 [Seventy Thousand Naira Only] per month. This breakthrough comes after months of negotiations with the government, marking a significant victory for workers across the country.

The new minimum wage is a compromise, with labour leaders agreeing to the figure after the government insisted that the earlier demand of N250,00 (Two Hundred and Fifty Naira) was unfeasible. However, the review cycle was a key factor in the acceptance, with the minimum wage set to be reviewed every three years instead of the previous five-year cycle.

This development comes at a critical time for Nigeria, which is facing its worst cost of living crisis in a generation. Soaring prices and a weakening currency have left many workers struggling to make ends meet, making the new minimum wage a welcome respite.

President Tinubu has promised to submit the bill to the National Assembly for passage by next week, paving the way for implementation. The government has also offered to support states and the private sector in meeting the new wages, a move aimed at ensuring a smooth transition.

While challenges lie ahead, the acceptance of the N70,000  minimum wage is a significant step forward for Nigeria's workers. As the country navigates its economic challenges, this development offers a glimmer of hope for a better future.

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