(Video) President Tinubu: NASS to get new minimum wage bill soon
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President Bola Tinubu has declared that his government will promptly present an executive bill regarding the new national minimum wage to the National Assembly for approval. This announcement was made during his Democracy Day address on June 12, 2024. He acknowledged the economic challenges faced by Nigerians at present, attributing them to the flawed foundation of excessive dependence on revenue from oil exploration. He emphasized that his administration is implementing crucial reforms, despite the temporary hardships they may cause, in order to establish a more robust and sustainable basis for future economic growth.
“I understand the economic difficulties we face as a nation. Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.
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.
His comment comes barely a week after the Labour unions embarked on a nationwide strike as they demand for a new and ‘living’ minimum wage. The Federal government has proposed N62, 0000 as the new minimum wage but the Labour unions insist on N250, 000. A final figure is yet to be ascertained.
