FG speaks on new minimum wage review

The Federal Government has announced plans to reduce the interval for reviewing the national minimum wage from five years to two, signaling a significant policy shift aimed at cushioning workers from economic pressures.

The Minister of State for Labour and Employment, Nkeiruka Onyejeocha, made the announcement on Thursday during a visit to Abia State, emphasizing President Bola Tinubu’s commitment to fulfilling his promises to Nigerian workers.

Onyejeocha highlighted that the move aligns with the administration’s proactive approach to addressing economic realities affecting workers’ purchasing power.

“We are not going to allow minimum wage reviews to be delayed indefinitely,” she stated. “It used to be reviewed every five years, but now, in less than two years, we will initiate another review.”

The announcement follows calls from the Trade Union Congress (TUC) for annual minimum wage adjustments to reflect rising inflation and other economic challenges.

President Tinubu had previously approved a N70,000 minimum wage in 2024, with an initial pledge for reviews every three years. However, Nigeria’s soaring inflation rate, which reached 34.60 percent in November 2024, has continued to erode the value of workers’ earnings.

Onyejeocha’s declaration signals the administration’s responsiveness to labor demands and economic conditions, aiming to ensure a fairer wage system that keeps pace with inflation and cost-of-living increases.