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President Tinubu Asserts Minimum Wage Will Reflect Nigeria’s Economic Realities

Published

4 months ago

June 13, 2024

President Bola Tinubu declared that Nigeria’s minimum wage will be determined by what the nation can afford.

Speaking at a dinner celebrating Nigeria’s 25 years of unbroken democratic rule, Tinubu said it is necessary to align the minimum wage with the country’s economic realities.

“The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford,” President Tinubu stated, addressing a gathering of dignitaries and officials in Abuja on Wednesday.

This pronouncement comes amid ongoing discussions and debates about the appropriate level for the national minimum wage.

The Organised Labour has been vocal in its demand for a significant increase, proposing a minimum wage of N250,000, far exceeding the N62,000 suggested by the federal government team in the Tripartite Committee on Minimum Wage.

In response to Tinubu’s statement, Labour leaders have reiterated their stance, refusing to accept what they term a “starvation minimum wage.”

Tinubu’s remarks also touched on the broader issue of food inflation, a critical concern for many Nigerians. The President acknowledged the role of banditry in exacerbating food scarcity and driving up prices.

“The promises I could make is to struggle to bring the food price down but those bandits must leave the farmers alone and bring Nigeria back to its glory of production and harvesting,” he said.

Highlighting the challenges posed by entrenched interests in the oil industry, Tinubu noted that those accustomed to significant profits over decades are resistant to changes that might disrupt their financial advantages.

This resistance, he argued, is part of the broader struggle Nigeria faces in its path to economic stability and growth.

Reflecting on the nation’s democratic journey, Tinubu expressed pride and optimism. He recounted a humorous incident from the morning’s Democracy Day parade, where he stumbled while performing the traditional Yoruba “dobale” (prostration). “Democracy is worth falling for,” he quipped, underscoring his deep commitment to the democratic process.

The President also addressed calls for fiscal prudence from various quarters, particularly in light of Labour’s demands. He urged Nigerians to manage their expectations realistically. “They ask you to cut your coat according to your size, if you have size at all,” he remarked, advocating for economic policies that reflect the nation’s financial realities.

Tinubu praised the spirit of unity and cooperation demonstrated by leaders across party lines, acknowledging the presence of governors from various states and parties at the dinner.

He reiterated the importance of national unity, saying “Is it not true that Nigeria is greater than any one of us? The unity of this country cannot be traded.”

The President also took a moment to reflect on criticisms regarding the reversal to the old National Anthem, defending the decision as part of Nigeria’s rich cultural heritage.

“If you cannot change the name Nigeria are you the creator of Nigerian name?” he queried, affirming his commitment to the country’s identity and unity.

As Nigeria looks to the future, President Tinubu called for collective effort and investment in national orientation to instill a sense of responsibility and patriotism in the younger generation.

“We will make Nigeria a tremendously successful country if we gather as we gather here tonight and encourage our children about the charter of our value system,” he stated.

In closing, Tinubu highlighted the importance of rejecting corruption and upholding integrity, praising customs officers in Kebbi and Ondo for their recent actions against bribery and vandalism.

“Citizenship is not just the dictionary meaning of it; it is the actual character in us, and we must teach these ones to achieve it,” he concluded.

The dinner was attended by notable personalities, including former Foreign Minister Bolaji Akinyemi, diplomat Babagana Kingibe, veteran journalist Segun Osoba, and political leaders Bisi Akande, Pius Akinyelure, and Lawal Shuaibu, among others.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Jobs

FG Approves Disbursement of N70,000 Minimum Wage for Nigerian Workers

Published

1 day ago

September 27, 2024

Bassey Marshall

The Nigerian government under the leadership of President Bola Tinubu has approved the payment of the newly approved N70,000 minimum wage to workers in the country.

The latest development was made known by the Spokesperson of the Office of the Accountant-General of the Federation, Bawa Mokwa on Thursday.

However, Mokwa who confirmed that payment will commence on Thursday, September 26, 2024, expressed uncertainty over the minimum wage arrears.

Mokwa said, “Federal Government civil servants will start getting the new minimum wage from today (Thursday) this September 2024. What I can tell you is that the minimum wage salary payment is today I am not sure of the arrears.”

The latest development comes hours after the National Youth Service Corps (NYSC) secured a 133.33 percent increase for corps members.

Investors King reported that the increase was in line with the enactment of the National Minimum Wage (Amendment) Act 2024 by the President Bola Tinubu-led government.

The NYSC also revealed that the Chairman of the National Salaries, Incomes and Wages Commission, Ekpo Nta, confirmed the upward review of consolidated public service salary structure, CONPSS in line with the Minimum Wage (Amendment) Act, 2024.

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Unemployment in Nigeria Rises to 5.3% in Q1 2024

Published

2 days ago

September 26, 2024

Yetunde Olugbenga

The Nigerian unemployment rate increased to 5.3 percent in the first quarter (Q1) of 2024 from 5.0 percent reported in 2023.

However, the report showed that the unemployment rate among youths decreased to 8.4% in Q1 2024 from 8.6% reported in Q3 2023.

In the same vein, there was a 0.7% increase in the engagement of youths in employment, education, and training.

“The percentage of Youth Not in Education, Employment or Training (NEET Rate) was 14.4, indicating a 0.7 percentage point increase from Q3 2023,” the report revealed.

The report further revealed that females recorded a higher unemployment rate of 6.2 percent compared to males at 4.3 percent.

In terms of employees’ availability for additional hours of work, there was a decline from 12.3 percent in Q3 2023 to 10.6 percent in Q1 2024.

It was also reported that despite this improvement, self-employment remains dominant, with 84% of Nigeria’s labor force engaged in self-employment as against 86% in Q1 2023.

Focusing on environmental metrics, the report revealed that the unemployment rate in urban areas remained unchanged at 6.0 percent, while rural unemployment stood at 4.3 percent, with 91.9 percent of workers in rural areas being self-employed, compared to 78.2 percent in urban regions.

In addition, 82.5% of the labor force in rural areas and 74 percent in urban areas were actively participating in the workforce.

However, by gender, male participation stood at 77.5 percent, while female participation was slightly lower at 77.1 percent.

“Disaggregation by place of residence shows 82.5 percent in rural and 74.0 percent in urban areas. The participation rate among males was 77.5 percent and 77.1 percent for females,” the report read.

Furthermore, the report revealed that the labor force participation rate among the working-age population declined to 77.3 percent in Q1 2024 from 79.5 percent in Q3 2023.

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FG Warns Private Sector Against Paying Below ₦70,000 Minimum Wage, Says It Is A Punishable Crime

Published

1 week ago

September 19, 2024

Bassey Marshall

The Federal Government has insisted that no Nigerian worker, either in the government or private sector, should earn less than the approved ₦70,000 minimum wage.

This update was shared by the Permanent Secretary, Ministry of Labour and Employment, Kachollom Daju, at the 13th Annual General Meeting of the Employers Association for Private Employment Agencies of Nigeria, held in Ikeja, Lagos.

Daju was represented by the Director of Employment and Wages of the ministry, John Nyamali.

The government warned that those who choose to ignore the directive are disobeying the law, and can be jailed for it.

The FG reaffirmed its commitment to ensuring that the least paid worker goes up with ₦70,000 as salary every month.

His words: “The minimum wage is now a law, and as a result, it is a punishable crime for any employer to pay less than ₦70,000 to any of its workers.

“The private employment agencies should make it compulsory in any contract they take from their principal that their workers should not earn less than the minimum wage. The least paid worker in Nigeria should earn ₦70,000, and I think that should be after all deductions.

“The minimum wage is a law, and you can be jailed if you fail to implement it. The Federal Government is committed to ensuring that the least paid worker goes home with ₦70,000.”

The President of the Employers Association for Private Employment Agencies of Nigeria, Dr. Olufemi Ogunlowo, also gave a speech at the event.

He called on the government to highlight all ambiguities in the Act and explain it to them.

Notably, he wants the government to clarify whether the new minimum wage is net or gross.

“As a labour union in the private sector, we are committed to the implementation of the minimum wage. We are a law-abiding and guided association. Our principals and clients have also keyed into the minimum wage.

“However, the government must clarify whether the ₦70,000 minimum wage is net or gross. The government and NLC should address all ambiguities in the minimum wage,” he stated.