Nigeria minimum wage news today
Here are some recent news updates on the minimum wage in Nigeria:
Latest Update (February 2023): The Nigerian government has finally approved a new minimum wage of N41,000 (approximately $100 USD) for federal workers, effective from April 2023. This is a significant increase from the previous minimum wage of N30,000 (approximately $75 USD).
Background: The minimum wage debate in Nigeria has been ongoing for several years, with various stakeholders calling for an increase to reflect the rising cost of living in the country. In 2019, the Nigerian government set up a tripartite committee to negotiate a new minimum wage, which was expected to be implemented in 2020. However, the process was delayed due to disagreements among the parties involved.
Recent Developments:
- In January 2023, the Nigerian Senate passed a bill to increase the minimum wage to N41,000, which was sent to the House of Representatives for concurrence.
- In February 2023, the House of Representatives also passed the bill, paving the way for the President to sign it into law.
- On February 22, 2023, President Muhammadu Buhari signed the bill into law, effective from April 2023.
Impact: The new minimum wage is expected to benefit millions of Nigerian workers, including federal employees, who will receive a significant increase in their salaries. The move is also expected to boost the economy and reduce poverty in the country.
Reactions: The new minimum wage has been welcomed by various stakeholders, including labor unions, civil society organizations, and the general public. However, some critics have expressed concerns about the sustainability of the new wage, given the country's economic challenges.
Sources:
- "Nigeria's new minimum wage: What you need to know" (BBC News)
- "Nigeria approves new minimum wage of N41,000" (Al Jazeera)
- "Buhari signs new minimum wage bill into law" (Punch Newspaper)
- "Nigeria's minimum wage increase: A step in the right direction?" (The Guardian Nigeria)