The Bola Tinubu-led federal government has reaffirmed its commitment to raising the minimum wage for workers from N18,000 to N30,000, starting April 2024.
The government has allocated N24.66 trillion for salaries from 2024 to 2026.
This decision follows meetings with labor leaders, particularly after the removal of petrol subsidy. Initially, a wage award of N35,000 was agreed upon to mitigate the subsidy removal’s impact before implementing the new minimum wage.
The negotiation process has commenced, with labor unions citing the country’s labor law, which mandates a minimum wage review every five years.
The new wage regime is set to begin on April 1, 2024, replacing the temporary palliative measures introduced to alleviate hardship caused by the fuel subsidy removal.
The government aims to establish a comprehensive salary structure for workers nationwide, expecting private sectors and state governors to follow suit.
Talks between organized labor and the government are underway, with a national wage negotiation committee in the works.
The current minimum wage will expire on April 1, 2024, marking the onset of the new minimum wage.
