President Bola Ahmed Tinubu has announced plans to submit a new minimum wage bill to the National Assembly. This revelation came during his Democracy Day address on Wednesday.

Tinubu emphasized that his administration has approached negotiations with organized labor openly and fairly, in contrast to how a dictatorial government might handle such matters.

“We have negotiated in good faith and with open arms on a national minimum wage,” Tinubu stated. “We will soon send our executive bill to the National Assembly to formalize what has been agreed upon for the next five years or less.”

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This announcement follows the recent submission of the National Minimum Wage Committee’s report to the President. The Federal Government proposed a minimum wage of ₦62,000, while Organized Labour suggested ₦250,000. Governors and the Organized Private Sector put forward figures of ₦57,000 and ₦62,000, respectively.