BREAKING: President Tinubu signs 70,000 new minimum wage bill into law

President Bola Ahmed Tinubu has signed the new minimum wage bill into law, setting the new minimum wage at N70,000.

This decision was made during the Federal Executive Council (FEC) meeting held at the Council Chamber in the State House, Abuja.

News360 Nigeria had reported how the Federal government and Organized Labour yesterday settled for N70,000 as the new minimum wage.

Recall that the tripartite committee had submitted two figures in its report to the President as a result of disagreement among the government, the private sector and organized labour.

While the government and the private sector offered N62,000, organized labour demanded N250,000.

Speaking to State House correspondents after the meeting with the President, the Minister of Information and National Orientation, Mohammed Idris, said President Tinubu agreed to pay N70,000 from the initial offer of N62,000.

FG, Labour agree on N70,000

“We’re happy to announce that both the Federal Government and Organized Labour have agreed on an increase on the N62,000. The new national minimum wage that we expect to submit to the National Assembly for legislation is N70,000.

“But that is not all. There is also a boost, Mr. President has assured to ensuring that massive investment is going to be made in the area of infrastructure. There is also a deepening of the investment of the Federal Government in renewable energy.

“More money is going to go into the acquisition of more buses, the CNG buses, Nigeria is going to be more CNG-compliant, according to the President.

“We’re moving in this transition to renewable and all other things Mr President has assured Labour, the issue of ASUU (Academic Staff Union of Universities), SSANU (Senior Staff Association of Nigerian Universities) and NASU (Non-Academic Staff Union of Educational and Associated Institutions) is also going to be looked at.

“We are happy, we are very thankful for the role organized labour has played. They recognized the Federal Government’s role in ensuring that we have local government autonomy, and also ensuring that both Labour and government are on the same page.

“They have seen the magnanimity of the President and today, the leadership of Labour said they didn’t come here for negotiation, not at all, they came here in that deep sense of patriotism to ensure that Nigeria remains united, Nigeria becomes more prosperous and it is in that spirit that they agree with what the Federal Government has done today.

“We want to thank Labour for their patriotism. We also want to thank Mr President, the Federal Government, the sub-nationals and Organized Private Sector for going through this painstaking effort but also ensuring that at the end of the day, Nigeria is the winner for it all.”