In a recent interview, Senator Adams Oshiomhole, representing Edo North, disclosed that a consensus has been reached among Nigerian workers, the Federal Government, and state governments regarding an increase in the minimum wage, affirming there’s no turning back on this decision.
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Oshiomhole, a former labor union leader, emphasized that the current minimum wage of N30,000 is inadequate, describing it as a joke amidst the rising cost of living.
He stressed the urgent need to adjust wages to align with the inflation rate, pointing out that even countries with market economies index wages to inflation rates.
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Photo via Premium Times Nigeria
The assurance of a new minimum wage becoming effective from May 1, 2024, was reiterated by the Minister of State Labour, Nkeiruka Onyejeocha, during the May Day celebration in Abuja.
She acknowledged the delay in finalizing the new wage but assured workers of ongoing consultations to expedite the process.
Oshiomhole commended the Federal Government for its commitment to implementing the new wage, which was originally signed into law by former President Muhammadu Buhari in 2019.
The Minimum Wage Act stipulates a review every five years to reflect the changing economic landscape and meet the needs of workers.
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