THE Federal Government says the N494,000 new minimum wage being demanded by organized Labour, which cumulatively amounts to the sum of N9.5 trillion bill, is capable of destabilising the economy and jeopardizing the welfare of Nigerians.
The Minister of Information and National Orientation, Mohammed Idris, stated this at a press conference in Abuja on Saturday, June 1, 2024.
Idris said the offer of the N60,000 minimum wage by the Federal Government, which translates to a 100 percent increase on the existing minimum wage of 2019, has been accepted by the private sector, which is a member of the tripartite committee of the negotiations team.
The minister said: “The Federal Government’s new minimum wage proposal amounts to a 100 percent increase on the existing minimum wage 2019. Labour, however, wanted N494,000, which would increase by 1,547 percent on the existing wage.
“The sum of the N494,000 national minimum wage that Labour is seeking would cumulatively amount to the sum N9.5 trillion bill to the Federal Government of Nigeria.
“Nigerians need to understand that whereas the FG is desirous of ample remuneration for Nigerian workers, what is most critical is that President Bola Ahmed Tinubu will not encourage any action that could lead to massive job loss, especially in the private sector, who may not be able to pay the wage demanded by the organized Labour.”
He said even though Labour is keen on the take-home pay of about 1.2 million workers, the Federal Government is concerned with the Nigerians’ welfare based on its guiding principle of affordability, sustainability, and the overall health of the nation’s economy.
Idris appealed to the Organised Labour to return to the negotiating table and embrace reasonable and realistic wages for their members.
The minkster said because of the commitment of Tinubu’s administration to the welfare of workers, the wage award of 35,000 for federal workers would continue until a new national minimum wage is introduced.
