The minimum wage impasse appears to be easing, as the Federal Government increases its offer to N62,000 and organized labour moderates its stance, reducing its demand to N250,000, a move that could pave the way for a resolution.
Following the submission of the minimum wage cost analysis by Finance Minister Wale Edun to President Bola Tinubu, a new development has emerged in the ongoing negotiations.
A reliable source spilled the beans to our correspondent in Abuja on Friday evening, revealing the latest development.
“After wasting our time, they finally came up with the offer of N62,000 which was backed by the private sector. Labour also reduced ours to N250,000. This is embarrassing,” the source who is part of negotiation from the labour side said.
ATN, New York has discovered that President Tinubu had previously instructed Edun to furnish him with a detailed breakdown of the financial implications of the new minimum wage, with a deadline of just two days.
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At a closed-door meeting in the Presidential Villa, President Tinubu charged the government negotiation team, spearheaded by George Akume, to swiftly deliver the necessary analysis.
While Edun’s proposal has been submitted to the president, its specifics remain undisclosed. This move trails a mass strike action by organised labour on Monday, which saw workers across the nation demand improved compensation and a reversal of the recent electricity tariff increase.
However, the labour union leadership suspended the strike on Tuesday for five days after signing a commitment with the Federal Government to resume negotiations and come up with a new minimum wage within a week.
It is not yet clear if labour will accept the new proposal from the government.
The Nigerian Governors Forum issued a statement on Friday, expressing concerns that a minimum wage exceeding N60,000 would be beyond the financial means of many states.