The Federal Government is reportedly planning to review the N70,000 Minimum Wage to meet the country’s current economic situation.
Chief of Staff to President Bola Tinubu, Hon. Femi Gbajabiamila disclosed at a recent summit that the administration intends to review the minimum wage when the time comes.
He explained that the government has noticed that the current N70,000 standard is no longer sustainable, Daily Trust reported. He stressed that this is due to the present economic realities faced by Nigerians.
Hon. Gbajabiamila furthered that N70,000 wage was a milestone in 2024. However, based on current realities “this administration will approach that endeavor not as an adversary of labour, but as a partner,” he added.
The President’s CoS the administration changed the strategic review cycle from five years to three years. He explained that this followed recognition of the regular change in the cost of living. As such, this change will allow wages to align with economic reality.
Hon. Gbajabiamila’s statement comes amid rising economic difficulties which has triggered calls for a possible minimum wage increment. Labour unions have argued that the current minimum wage aren’t sufficient to cover basic needs like food, transport, and housing.
