The Federal Government has announced that the new minimum wage will take effect from May 1, 2024, despite the Tripartite Committee On National Minimum Wage still negotiating the details.
This announcement was made by the Minister of State for Labour, Hon. Nkeiruka Onyejeocha, during the May Day celebration in Abuja on Wednesday.
Although the new minimum wage is not yet finalized, the government has approved a 25-35% increase in salaries for civil servants on the existing six Consolidated Salary Structures. This increase took effect from January 1, 2024.
The Minister expressed regret that the new national minimum wage was not ready for this year’s Workers’ Day, but assured that wide consultations are ongoing to ensure the document is completed as soon as possible.
Labour unions, including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), have been pressing the government to review the minimum wage, which currently stands at N30,000. They argue that this amount can no longer cater to the wellbeing of an average Nigerian worker, especially considering the high cost of living in the country.
In fact, the Organised Labour has demanded a new minimum wage of N615,000 to help workers cope with economic realities. The current minimum wage award expired in April, five years after the Minimum Wage Act of 2019 was signed by former President Muhammadu Buhari. The Act requires a review every five years to meet contemporary economic realities.