The Minister of Information and National Orientation, Mohammed Idris, has stated that President Bola Tinubu is expected to make a definitive decision regarding the new minimum wage by the end of this week, possibly on Thursday.
Idris mentioned that the President intends to consult with organized Labour on Thursday, then finalize the specific allocation to be presented to the National Assembly.
This development comes after months of speculation and negotiations between the government and labour unions over adjustments to the national minimum wage. The current minimum wage of 30,000 Naira ($65 USD) per month has been in effect since 2019, and there have been growing calls for an increase to address rising living costs in the country.
Labour leaders have demanded a new minimum wage of at least 50,000 Naira ($110 USD) per month, arguing that the current rate is no longer adequate to meet the basic needs of Nigerian workers and their families. However, government officials have cautioned that any significant increase would put a strain on the national budget.
President Tinubu is expected to strike a delicate balance between the demands of workers and the fiscal realities facing the country. His decision on Thursday is likely to have a major impact on the standard of living for millions of Nigerians employed in both the public and private sectors.
The announcement will be closely watched by the Nigerian public as well as international observers monitoring the country’s economic trajectory under the new administration.
Political analysts say the minimum wage issue could also influence public perceptions of Tinubu’s leadership and his commitment to improving the welfare of Nigerian citizens.