UPDATED: FG Proposes N62,000 Minimum Wage, Labour Unions Insist on N250,000

By Harriet Tornguvan 

The Federal Government has raised its proposed national minimum wage to N62,000, while labour unions have reduced their demand from N494,000 to N250,000.

This development follows Finance Minister Wale Edun's submission of the financial implications of the proposed minimum wage to President Bola Tinubu. A source familiar with the negotiations confirmed this to our correspondent on Friday night in Abuja.

"After considerable delay, the government finally proposed N62,000, which has the backing of the private sector. Meanwhile, labour unions have adjusted their demand to N250,000. This situation is quite disconcerting," stated a labour representative involved in the negotiations.

President Tinubu had previously instructed Edun to present the cost implications of a new minimum wage within two days during a meeting with the government’s negotiation team, led by the Secretary to the Government of the Federation, George Akume, at the Presidential Villa in Abuja. Although Edun has submitted the proposal, it has not been disclosed publicly.

Earlier, the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had initiated a nationwide strike on Monday, demanding a higher minimum wage and the reversal of recent electricity tariff hikes. The strike was suspended on Tuesday for five days after the unions and the Federal Government agreed to resume negotiations and finalize a new minimum wage within a week.

The acceptance of the government’s latest proposal by the labour unions remains uncertain.

On Friday, the Nigerian Governors Forum stated that any minimum wage exceeding N60,000 would be unsustainable.