Minimum wage news in nigeria today

Here are some recent news updates on minimum wage in Nigeria:

Latest Update (March 2023)

The Nigerian government has finally approved a new minimum wage of N41,000 (approximately $100) for federal workers, effective from April 2023. This is a significant increase from the previous minimum wage of N30,000 (approximately $75). The new wage was approved by the Federal Executive Council (FEC) after months of negotiations between the government and labor unions.

Background

In October 2020, the Nigerian government and labor unions agreed to increase the minimum wage from N18,000 (approximately $45) to N30,000 (approximately $75). However, the implementation of the new wage was delayed due to disagreements over the details of the agreement.

Recent Developments

In February 2023, the Nigerian government announced that it would increase the minimum wage for federal workers to N41,000 (approximately $100) as part of efforts to improve the welfare of workers. The new wage was approved by the FEC, which is the highest decision-making body in the country.

Impact

The new minimum wage is expected to have a significant impact on the lives of millions of Nigerian workers, particularly those in the informal sector who have been struggling to make ends meet. The increase is also expected to boost economic growth and reduce poverty in the country.

Reactions

The new minimum wage has been welcomed by labor unions and civil society organizations, who have been advocating for a significant increase in the minimum wage for years. However, some critics have expressed concerns that the increase may not be enough to keep pace with inflation and the rising cost of living in Nigeria.

Sources

Please note that the information provided is accurate to the best of my knowledge, but it may not be up-to-date or comprehensive.