President Tinubu Announces Intention to Present New Minimum Wage Bill to National Assembly on Democracy Day
In a televised address marking Democracy Day today, President Bola Tinubu revealed plans to present an executive bill on the national minimum wage to the National Assembly for approval. The move comes amidst ongoing economic reforms aimed at reshaping Nigeria’s economic landscape.
President Tinubu acknowledged the economic challenges faced by Nigerians, attributing them to the country’s historical over-reliance on revenue from oil exploration. He emphasized the necessity of these reforms, despite the short-term hardships they may bring, in order to lay a more robust foundation for future growth and prosperity. “Our economy has long been in need of fundamental reform,” President Tinubu stated, “The reliance on oil revenues has left us vulnerable and unbalanced.”
While acknowledging the hardship brought about by the ongoing reforms, the President assured the nation of his administration’s commitment to creating equal economic opportunities for all citizens. The announcement of the new minimum wage bill follows recent negotiations between the government and organized labor unions. Last week saw nationwide strikes as labour unions pushed for a new “living” minimum wage, with demanding for #250,000, a reduction from the #615,000 initially proposed. However, a final figure has yet to be agreed upon.
