President Bola Tinubu has reassured Organised Labour that an executive bill on the new national minimum wage for workers will soon be submitted to the National Assembly for consideration and passage.
Tinubu made this known on Wednesday, June 12, 2024, in his Democracy Day speech.
“In this spirit, we have negotiated in good faith and with open arms with Organised Labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less,” the President said.
Tinubu also assured Nigerians that while reforms under his administration have caused hardship, they are necessary to fix the economy.
He said, “There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.
“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.”
Tinubu also sympathized with the masses, acknowledging the current economic challenges facing the nation.
“Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil,” the president said.
“I say to you here and now that as we celebrate the enshrinement of our political democracy, let us commit ourselves to the fulfilment of its equally important counterpart, the realisation of our economic democracy.
“I understand the economic difficulties we face as a nation.
“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.”
Tinubu urged Nigerians not to be wary and to be hopeful for a better future.
“We dare not slumber lest the good things awaiting our immediate future pass us by. We dare not plant our feet in an idle standstill in the middle of the intersection of hope and despair. We know the proper way forward and we shall take it! The initial rays of a brighter tomorrow now appear on the early horizon.
“An abundant future and our capacity to achieve that future lie within our reach. Democracy and the institutions it begets offer to take us to our profound destination.
“Let us board this progressive train together. Together, let us move Nigeria forward.
“Let’s continue to keep the fire of democracy burning. Let’s keep the torch lit for generations to come,” he said.
On June 3, 2024, members of organised labour embarked on a nationwide indefinite strike over the Federal Government’s refusal to raise the proposed minimum wage from N60,000.
This came following several failed meetings between the government and labour unions.
On May 1, 2024, organised labour issued an ultimatum to the Federal Government, demanding the conclusion of the minimum wage negotiation by the end of the month.
While the government and the Organised Private Sector agreed on N62,000, labour on the other hand demanded N250,000.
The Assistant General Secretary of the Nigeria Labour Congress, Chris Onyeka, said labour would not accept the latest offer of ₦62,000 and the ₦100,000 proposal made by some individuals and economists.
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