President Bola Tinubu has explained why he had to intervene in the negotiations for the new national minimum wage.

Tinubu says he considered the economic challenges faced by many Nigerians and the urgent need to provide relief.

In a meeting with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the Presidential Villa in Abuja, the President increased the federal government’s offer on the national minimum wage from N62,000 to N70,000, with an assurance that it will be reviewed after three years, instead of five years.

President Tinubu explained that renewing the hope of Nigerians involves providing infrastructure that will improve their livelihoods and create an inclusive economy in which everyone can participate and benefit.

He said the government was committed to reducing the cost of transportation with the introduction of Compressed Natural Gas-powered buses, which will be cheaper and more efficient. He also assured the labour unions that buses will be deployed across the country.

The President added that the entitlements of members of the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Universities and Allied Institutions (NASU) would be considered, urging the Ministries of Finance and Budget & Economic Planning to explore the possibilities of clearing the backlog.

The statement noted that, at the meeting, the Secretary to the Government of the Federation, Senator George Akume, thanked the President for his consideration of the issues as the “Father of the Nation” and for scheduling two meetings to resolve the initial impasse.

“Mr. President, at the tripartite meeting, and in the resolutions of the government, Organized Private Sector, and labour unions, we were all united as one family to promote and grow our economy and deepen our democracy, to the benefit of all. That is essentially what we are saying today. We have a listening President,” the Secretary to the Government of the Federation said.

The President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, and the President of the Trade Union Congress (TUC), Comrade Festus Osifo, thanked the President for hosting two meetings on the review of the national minimum wage.

The two labour leaders acknowledged that, at the last meeting, the President had rescheduled an official trip to attend the second meeting.

The labour leaders also expressed their appreciation to the President, applauding him for his clear commitment to the welfare of Nigerian workers.

The Speaker of the House of Representatives, Hon. Abbas Tajudeen applauded President Bola Tinubu for agreeing to the national minimum wage of N70,000 for the Nigerian workers.

The Speaker said President Tinubu’s action has shown that he is a compassionate and empathic leader who cares about the welfare of the citizens.

He said this significant agreement with the organized labour reflects the President’s profound understanding, and sensitivity to the challenges facing Nigerian workers, aligning seamlessly with his Renewed Hope agenda.

Speaker Abbas noted that the new national minimum wage would go a long way in ameliorating the plight of average Nigerians.

He said the House would give expedited action to the National Minimum Wage Bill once it receives it from the Executive arm of the government.

The Speaker said the House of “stands ready to support this landmark decision. The House is fully prepared to give expedited consideration and passage to the new minimum wage bill once the President transmits it. Should it necessitate a special sitting of the House, the House will ensure that the legislative process is swift and efficient, reflecting its dedication to improving the lives of Nigerian workers and bringing succour to them.”

He called on Nigerians to continue placing their trust in the President’s vision. He also advocated that Nigerians embrace the path of peaceful settlement and dialogue at all times, and work together to build a prosperous and united Nigeria.