From Juliana Taiwo-Obalonye, Abuja
Organised Labour has explained that it backed down from its earlier demand of N250,000 minimum wage to accept government’s offer of N70,000 because of the proviso that the figure would be reviewed every three years and the promise of other incentives including the CNG which will lessen the burden of Nigerian workers.
President of the Nigeria Labour Congress (NLC), Joe Ajaero and his Trade Union Congress (TUC) counterpart, in separate interviews after the meeting with President Bola Tinubu in Abuja where the deal was brokered, said they would formally brief their members of the decision today.
On his reaction to what transpired, Ajaero said: “Well, we were here last week and we’re here now. What they have announced in terms of the amount of N70,000 happens to be where we are now. But the good thing about it is that we will not wait for another five years to come on review. Rather than settling on a figure that we wait for five years, it is like we’ll have to now negotiate even two times within five years, with a view to going up.
“That is one of the reasons why we decided to reach where we are today, because of the proviso that you know, you can review in the next three years. The other one, we came with other issues in the basket, like the issue of SSANU, NASU and others, especially with the affront by the Commissioner of Police FCT, we brought it to Mr. President, and talked to him on the need, you know, for that matter to be addressed. And magnanimously, he asked the agencies concerned to work out the modalities for the payment of those workers in the universities.
“Although he promised some incentives like the CNG, which will lessen the burden that the Nigerian workers passing through, but you can see that we are taking this, well with mixed feelings because of the situation of the economy. But we have to move ahead despite the situation, and the negotiation can’t linger, you know, coming from N62,000 to N70,000. And then, with the proviso, that we are coming back soon to negotiate it.
“We’re taking it back to our constituency to see how we can get a buy in. So, that’s what has transpired this afternoon.”
Osifo, on his part said Tinubu made an announcement of N70,000 and that by next week, the bill will be transmitted to the National Assembly for legislation.
Meanwhile, President Bola Tinubu has said his decision to intervene in the minimum wage negotiations was based on his understanding of the economic challenges faced by many Nigerians and the urgent need to provide relief.
In a statement issued by Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu, explained that the lengthy discussions were necessary to navigate the complex issues involved in raising the minimum wage to N70,000.
“I have heard all your presentations. You came here with the intention to get something on behalf of your members. It has been tough globally. And if you review my track record, I have never been found wanting in ameliorating the problems of workers,”.
He underscored his commitment to the people and the importance of leadership working in unity with labor to achieve common goals.
“President Tinubu likened the negotiations to driving on treacherous roads, requiring careful consideration and caution to avoid missteps.
“We must look at the parameters of things. Here, I have a speed limit, and I must pay attention to traffic warnings; slippery when wet, curved roads, and be careful not to have an accident. That is why I went as far as having this meeting today,” he explained.
Emphasising the need for a sustainable solution, President Tinubu proposed a three-year review period for the minimum wage. “We are driving this economy together. Let us look at the tenure of review. Let us agree on that, and affirm three years. Two years is too short. We affirm three years. We will review,” he said. He confirmed that no federal establishment employee should earn less than N70,000, setting this as the new benchmark.
He highlighted the government’s commitment to improving infrastructure and reducing transportation costs. He announced the introduction of Compressed Natural Gas-powered buses, which will be more affordable and efficient. Additionally, he assured labor unions that buses would be deployed across the country to alleviate transportation challenges.
The President also addressed the entitlements of members of the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Universities and Allied Institutions (NASU). He urged the Ministries of Finance, and Budget and Economic Planning to explore the possibilities of clearing the backlog of entitlements owed to these workers.
Secretary to the Government of the Federation, George Akume, praised President Tinubu for his attentive and fatherly approach to resolving the issues.
“Mr. President, at the tripartite meeting, and the resolutions of the government, Organized Private Sector, and labor unions; we were all united as one family to promote and grow our economy, and deepen our democracy, by implication to the benefit of all. Basically, that is what we are saying today. We have a listening President here,’’ Akume said.
In their remarks, the President of the Nigeria Labour Congress (NLC), Joe Ajaero, and the President of the Trade Union Congress (TUC), Festus Osifo, thanked President Tinubu for his dedication and commitment to the welfare of Nigerian workers. They acknowledged his efforts in hosting multiple meetings and even rescheduling official trips to ensure that the wage negotiations were addressed promptly.
Meanwhile, the federal government, in a bid to integrate over 30 million unbanked Nigerians into the formal financial sector.
Vice President, Kashim Shettima, emphasised the need for financial innovation during a high-level policy dialogue in Washington DC. The initiative aligns with President Bola Tinubu’s commitment to advancing Nigeria’s economic and financial inclusion agenda.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Shettima highlighted the administration’s Renewed Hope Agenda and stressed the urgency of adopting innovative financial solutions.
The dialogue, held at George Washington University, convened government officials, regulators, law enforcement agencies, and fintech industry leaders to explore sustainable approaches for an inclusive financial system in Nigeria. Speaking via video conference, Vice President Shettima reiterated the government’s dedication to integrating unbanked Nigerians into the formal economy.
“We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment systems to achieve our objective of economic and financial inclusion,” Shettima stated.
The discussion addressed critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues. Participants examined strategies to enhance interagency collaboration and strengthen the financial services sector’s overall effectiveness.
Deputy Chief of Staff to the President, Ibrahim Hadejia, highlighted the priority given to economic and financial inclusion by the Vice President’s office, urging all government agencies to collaboratively play their roles to achieve the set objectives.
Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria in charge of Financial System Stability, emphasized the need for ongoing collaboration among all stakeholders to realize the goals of the Aso Accord on Economic and Financial Inclusion. Meanwhile, Kashifu Inuwa Abdullahi, Director General of the National Information Technology Agency, proposed a “digital-first approach” and the fusion of digital and financial literacy to address trust issues in the payment ecosystem.
Tosin Eniolorunda, GMD of Moniepoint, underscored the importance of public-private collaborations in addressing trust issues that hinder the adoption of innovative fintech solutions.
Dr. Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, noted that the dialogue would evolve into a mechanism providing relevant information to facilitate effective decision-making by the Vice President’s office.
The high-level engagement produced several recommendations focused on rules, infrastructure, and coordination, emphasizing implementable actions and clear accountabilities.
Other notable speakers included Inspector General of Police, Mr. Kayode Egbetokun; Professor Pape Cisse, Executive Director of the Center for Curriculum Development and Learning at George Washington University; Mr. Reginald Emordi, Assistant Vice President at Merrill Lynch Wealth Management; Mr. Lars Benson, Regional Director for Africa at the Center for International Private Enterprise (CIPE); and Congresswoman Sheila Cherfilus-McCormick of Florida’s 20th congressional district.