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President Bola Ahmed Tinubu has said that his administration will soon send an executive bill to the National Assembly to enshrine what has been agreed upon as a new national minimum wage as part of “our law” for the next five years or less.
In his national broadcast today on the 25th anniversary of unbroken democracy in Nigeria, the president said he understood the economic difficulties the country faced as a nation, but asked Nigerians to commit to the fulfilment of the realisation of “our economic democracy.”
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Alhaji Bukar Goni Aji-led 37-member Tripartite Committee on National Minimum Wage on Monday submitted its report after about five months of sittings.
Representatives of the federal government and the private sector in the tripartite committee for the negotiation of new minimum wage proposed N62, 000, while the organised labour scaled down from N494,000 to N250,000.
With the submission of the report, the president is expected to make a decision and send an executive bill to the National Assembly to pass a new minimum wage bill, which the president will then sign into law.
While speaking today, President Tinubu said the economic reforms initiated were necessary repairs required to fix the economy over the long run so that everyone had access to economic opportunity, fair play and compensation for their endeavour and labour.
Tinubu said, “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 reforms we have initiated are intended to create a stronger, better foundation for future growth. 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 play 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.
