Minimum Wage: FG offers N62K, labour requests N250K

The Federal Government has increased its offer for a new national minimum wage to ₦62,000, while organized labour has reduced its demand from ₦494,000 to ₦250,000.

This development follows the submission of the cost implications of the new minimum wage by the Minister of Finance, Wale Edun, to President Bola Tinubu.

A source confirmed this information to The Punch correspondent on Friday night in Abuja.

“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 the negotiation from the labour side stated.

It is recalled that President Tinubu had previously directed Edun to present the cost implications for a new minimum wage within two days.

The President issued this directive during a meeting with the government negotiation team led by the Secretary to the Government of the Federation, George Akume, at the Presidential Villa in Abuja. Although Edun has submitted the proposal to the President, it has not yet been made public.