President Bola Tinubu has approved N70,000 as the new minimum salary for workers in the country.
Tinubu announced the minimum wage during a meeting with NLC and TUC leaders at the presidential palace on Thursday.
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The meeting was attended by Joe Ajaero, president of the National Labour Council, and Festus Osifo, president of the Trade Union Congress. Nkiru Onyejeocha, minister of state for labour, told State House media at the close of the meeting that Tinubu and labour leaders agreed to decrease the time limit for reviewing the minimum wage to three years.
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Onyejeocha noted that the parties agreed that the five-year review period is too long.
On his part, Ajaero stated that the N70,000 offer was approved due to the requirement that the minimum salary be reassessed every three years.
"We are taking this with mixed feelings because of the state of the economy," the NLC president explained.
According to Osifo, the president pledged that the minimum wage bill would be transmitted to the national assembly next week.
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