The committee, led by former head of the federation's service Bukar Goni Aji, was established on January 30, 2024, and included members of organized labor, the federal and state governments, and the private sector.
Following a round of talks, the parties decided that N70,000 would be the new national minimum wage for Nigeria's lowest-paid worker. An improvement to the agreement is that the three-year minimum wage negotiating term replaced the previous five-year one.
The new minimum salary, however, is a significant decrease from the N615,000 per month that Labour had initially suggested. It was first benchmarked by pertinent economic indexes and then reduced to N500,000 and subsequently N250,000.
The federal government, for its part, had progressively increased from its initial request of N45,000 to N62,000. While many are happy that the protracted dispute between the government and labor over the minimum wage has ended, others have voiced concerns that, given the current inflationary trend that has raised the cost of food, N70,000 may not be sufficient to support a worker in Nigeria for a month According to the current inflationary trend in Nigeria, the majority of Nigerians cannot afford the cost of food, transportation, and other services. In symbolic terms, one cannot purchase a bag of beans or even rice with the minimum wage.
Nigeria has one of the lowest minimum wages in Africa, at N70,000, or $44. The highest minimum salary is $465.4 (or N773,061.98) per month in Seychelles. Equatorial Guinea pays its lowest-paid formal worker $211.54 (or N351,382.75) in West Africa.
Following the assent of the president, Senate President Godswill Akpabio restated his previous claim that the agreed-upon amount is the minimum wage for all Nigerian workers, including domestic workers such as housemaids, drivers, and cleaners, as well as for federal public officers.
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