The federal government has indicated its intention to enact the new minimum wage agreement by announcing that an executive bill detailing the new minimum wage will soon be presented to the National Assembly for legislative consideration and passage.
President Tinubu made the announcement in his speech commemorating Democracy Day on Wednesday, June 12, 2024, where he noted that a much-anticipated agreement on the new minimum wage had been reached between the federal government and organised labour, comprising the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC).
He stated: “In this spirit, we have negotiated in good faith and with open arms with Organised Labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.”
Tinubu highlighted the government’s approach to the labour union’s call for a national strike. He pointed out that the government did not take the path of dictatorship by oppressing or cracking down on the workers, but instead chose to cooperate and negotiate with them in a spirit of goodwill.
The president underscored the importance of democratic principles, including reasoned discussion and principled compromise, in fostering harmony and progress in the nation. He pledged that these values would guide his policies and interactions with the various elements of the country’s political economy.
Tinubu also reassured Nigerians that while the economic reforms implemented by his administration may have brought temporary difficulties, they are essential for the long-term economic stability and growth of the country.
“There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.
“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you,” he said.
The president also acknowledged that the economy has been long overdue for reform, which has been hindered by the uneven economic foundation of over-reliance on revenues from oil exploitation.
He stated further: The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.
As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.
In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.”
