Saturday, 08 June 2024 04:58

Minimum wage: FG inches up offer to N62k, Govs say even 60k not affordable, Labour now comes down to 250k

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The federal government has raised its proposed national minimum wage from N60,000 to N62,000. In response, organized labour has reduced its demand from N494,000 to N250,000. This adjustment follows the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presenting the cost implications of the new minimum wage to President Bola Tinubu. The organized private sector has expressed support for the government's N62,000 offer.

Governors Declare N60,000 Minimum Wage Unsustainable

Meanwhile, the 36 State Governors, under the Nigeria Governors’ Forum (NGF), have announced that subnational governments cannot afford the proposed N60,000 minimum wage. This stance was communicated through a press release by the NGF’s acting Director of Media Affairs and Public Affairs, Halimah Salihu Ahmed.

According to the statement, the NGF believes that the N60,000 minimum wage proposal is unsustainable. They agree that a new minimum wage is necessary and sympathise with labour unions' demands for higher wages. However, the NGF urges all parties to consider that minimum wage negotiations impact all pay scales, including pensions. They caution against signing any agreement that is not sustainable and realistic.

The NGF highlights that adopting the N60,000 proposal would result in many states using all their FAAC allocations solely for salaries, leaving nothing for development. Some states might even need to borrow to pay workers, which the NGF argues is not in the country's collective interest, including that of the workers. They appeal to all parties, especially labour unions, to consider the socioeconomic variables and settle on a sustainable, durable, and fair agreement that balances the needs of all segments of society with legitimate claims to public resources.

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