Politics

Agreement on Minimum Wage Reported Today by Tripartite Committee

Published by Tope Fakinlede on June 7th, 2024.

Agreement on Minimum Wage Reported Today by Tripartite Committee

Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, submitted a report to President Bola Ahmed Tinubu yesterday detailing the financial implications of a proposed new minimum wage. This report is intended to aid negotiations with the tripartite committee, which includes government representatives, labor unions, and the Organized Private Sector (OPS). President Tinubu had previously directed the Finance Minister to provide this information within 48 hours to facilitate an informed decision on the wage issue.

Mr. Edun delivered the report at the State House in Abuja. Following a closed-door meeting led by the Secretary to the Government of the Federation, George Akume, Minister of Information and National Orientation Mohammed Idris informed the press that the President had asked Edun to present the financial details within two days.

Labor unions are demanding an increase in the minimum wage from N30,000 to N494,000, citing high inflation, rising energy costs, escalating transportation fares, and increasing rent. Earlier this week, the unions organized a strike that disrupted the nation, shutting down airports and the national electricity grid, resulting in widespread blackouts.

When asked about the progress of the negotiations, Edun reassured reporters that there was “no cause for alarm.” He was accompanied by Minister of Budget and National Planning Atiku Bagudu and Minister of Information and National Orientation Mohammed Idris.

President Tinubu has indicated a willingness to exceed the N60,000 minimum wage proposed by the government’s negotiation team. As the nation anticipates the federal government’s decision on the new minimum wage, the tripartite committee has expressed optimism that an agreement will be reached in today’s meeting.

Imo State Governor Hope Uzodinma, speaking after the latest committee session, suggested that the negotiations were nearing completion and an agreement would likely be reached today. While he did not specify the proposed amount, Uzodinma emphasized a comprehensive approach to the issue, noting that wage discussions should consider the country’s revenue generation capacity and sovereignty.

Uzodinma stated, “I am confident that by reconvening tomorrow at 11 am, we will reach a concrete agreement to present to the plenary for adoption.”

Addressing the proposed wage amount, Uzodinma added, “This is not about a specific figure. It’s about taking a holistic view of the situation because it involves more than just the minimum wage. It’s about ensuring our country’s interests are protected while working collaboratively with the government to achieve this goal.”