The Federal Government has revised its offer for a new national minimum wage to ₦62,000, while organized labor has adjusted its demand from ₦494,000 to ₦250,000.
This development emerged after the Minister of Finance, Wale Edun, submitted the cost implications of the proposed minimum wage to President Bola Tinubu.
According to a source familiar with the matter, speaking to a correspondent from The Punch in Abuja, "After prolonged negotiations, they eventually proposed ₦62,000, which was endorsed by the private sector. In response, labor lowered its demand to ₦250,000. It's quite disappointing."
Earlier, President Tinubu had instructed Edun to furnish him with the cost projections for a new minimum wage within a two-day timeframe.
This directive was issued 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. While Edun has presented the proposal to the President, it has not yet been disclosed publicly.
