President Bola Tinubu has announced that his administration is finalising a draft bill for a consensus minimum wage, which will soon be sent to the National Assembly for passage.
In a national broadcast commemorating the 25th anniversary of Nigeria’s democracy, Tinubu emphasised the administration’s responsiveness to labour demands, even during strikes that have negatively impacted the country.
Tinubu addressed the economic challenges facing the nation and stressed the necessity of economic reforms.
He stated, “Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.
“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship.
“Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay, and compensation for his endeavour and labour.”
The president reassured the public of his commitment to listening to their concerns, stating, “As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.”
Regarding the new minimum wage, Tinubu elaborated, “In this spirit, we have negotiated in good faith and with open arms with organised labour on a new national minimum wage.
“We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.”
He highlighted the administration’s approach to labour disputes, emphasising cooperation over conflict.
“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done.
“We chose the path of cooperation over conflict. No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate towards a good-faith resolution.”
Tinubu concluded by reaffirming his commitment to democratic principles and the pursuit of equitable economic policies: “Reasoned discussion and principled compromise are hallmarks of democracy.
“These themes will continue to animate my policies and interactions with the constituent parts of our political economy.
“I take on this vital task without fear or favour, and I commit myself to this work until we have built a Nigeria where no man is oppressed.”
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