Why we pegged minimum wage at ₦70,000 — Tinubu

President Bola Ahmed Tinubu has revealed why he agreed to set the new national minimum wage at ₦70,000, saying no one in the Federal establishment should earn less than ₦70,000, considering the current economic realities.

Speaking during a meeting with the leadership of the Nigeria Labour Congress (NLC) and that of the Trade Union Congress (TUC) at the State House, Abuja, on Thursday, Tinubu said he had to intervene in the negotiations, knowing the economic challenges of many Nigerians and the need to provide urgent succour. 

Tinubu unveiled his decision to increase the Federal Government’s offer on the national minimum wage from N62,000 to N70,000 with an assurance that it will be reviewed after three years, instead of five years during the meeting. 

The President explained that he had to “edge a little bit forward” from the recommendations of the tripartite committee to arrive at the figure, emphasising that the decision was to ensure that workers are fairly compensated for their services. 

In a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu explained that he had consulted widely and reviewed the tripartite committee’s reports before arriving at the decision, emphasizing the need for a balanced approach, considering the country’s economic parameters.“I have heard all your presentations. You came here with the intention to get something on behalf of your members. It has been tough globally. And if you review my track record, I have never been found wanting in ameliorating the problems of workers. I belong to the people and to all of you in leadership. Without you, this job is not interesting. “You challenged the thinking faculty of leadership, and we have reviewed the position. I have consulted widely, and when the tripartite committee submitted their reports, I reviewed them again and started to think and rethink. “Last week, I brought the workload to you because we have a timeline. We have a problem, and we recognise that you have a problem too. We are in the same economy. We are in the same country. We may have different rooms, different addresses, and different houses; we are just members of one family that must care for each other.

“We must look at the parameters of things. Here, I have a speed limit, and I must pay attention to traffic warnings; slippery when wet, curved roads, and be careful not to have an accident. That is why I went as far as having this meeting today.

“We are driving this economy together. Let us look at the tenure of review. Let us agree on that, and affirm three years. Two years is too short. We affirm three years. We will review. 

“I am going to move from the tripartite committee. I am going to edge a little bit forward, looking at the review that we have done. Yes, no one in the federal establishment should earn less than N70,000. So, we are going to benchmark at N70,000,’’ the President said.  

Tinubu explained that renewing the hope of Nigerians extends to providing infrastructure that will improve their livelihoods and create an inclusive economy that all can participate and benefit. 

The President said the government was committed to reducing the cost of transportation with the introduction of Compressed Natural Gas-powered buses, which will be cheaper and efficient, and also assured the labour unions of providing buses that will be deployed across the country. 

President Tinubu also said the entitlements of members of the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Universities and Allied Institutions (NASU) will be considered, urging the Ministries of Finance, and Budget & Economic Planning to look at the possibilities of clearing the backlog. 

At the meeting, the Secretary to the Government of the Federation, Senator George Akume, thanked the President for his consideration of issues as the “Father of the Nation’’ and scheduling two meetings to resolve the initial impasse.