June 12: President Tinubu to unveil new minimum wage, pledges to address labour demands amid economic reforms

By Sodiq Adelakun

President Bola Tinubu has unveiled plans to introduce a consensus minimum wage bill, marking a significant step forward in addressing labour demands.

The announcement came on Wednesday during a national broadcast commemorating 25 years of democracy in Nigeria.

The President also acknowledged the country’s economic challenges and emphasized the need for reforms to drive growth and development.

In his words, “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 pay, and compensation for his endeavour and labour.”

The president reassured the public of his commitment to listening to their concerns, stating, “As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.”

Regarding the new minimum wage, Tinubu elaborated, “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.”

However, he showcased his administration’s commitment to constructive engagement with labor unions, prioritizing collaboration and dialogue over confrontation and strife, in a bid to foster a harmonious and productive work environment.

“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done.

“We chose the path of cooperation over conflict. No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate towards a good-faith resolution.”

Tinubu’s words resonated with conviction as he reaffirmed his dedication to the tenets of democracy, emphasizing that “the art of listening, the courage to compromise, and the wisdom to discern the common good are the guiding lights that will illuminate our path towards a more just and prosperous Nigeria”.