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The Minimum Wage of N494,000 Will Destabilize the Economy - FG

 

02 June (THEWILL) - According to the Federal Government, organized labor's demand for a national minimum wage of N494,000 has the potential to cause economic instability and jeopardize the wellbeing of over 200 million Nigerians.


In reaction to the labor unions' announcement of a planned strike over the breakdown of discussions over a raise in the minimum wage and energy tariff, Mohammed Idris, Minister of Information and National Orientation, made this statement on Saturday.

The Minister urged organized Labor to go back to the negotiation table and support fair and realistic pay for their members in a statement signed and released on Saturday by his Special Assistant on Media, Rabiu Ibrahim.
The announcement said: "Mohammed Idris, Minister of Information and National Orientation has stated that the N494,000 national minimum wage that organized labor is demanding, which adds up to a bill of N9.5 trillion, has the potential to cause economic instability and endanger the wellbeing of more than 200 million Nigerians.


"Idris made this statement at an Abuja press conference in reaction to the organized labor movement's threat to go on strike if their demands weren't satisfied.

"He added that the organized private sector, a member of the tripartite committee of the negotiations team, has accepted the Federal Government's offer of N60,000 as the minimum salary. This represents a 100% increase over the current 2019 minimum pay.

"The proposed New Minimum Wage by the Federal Government represents a 100% rise over the current minimum wage for 2019." On the other hand, labor demanded N494,000, a rise of 1,547% over the current salary.

"Labor's proposed national minimum wage of N494,000 would result in a cumulative bill to the Federal Government of Nigeria of N9.5 trillion."

"People in Nigeria must realize that while the Federal Government (FG) wants to see adequate compensation for Nigerian laborers, what matters most is that President Bola Ahmed Tinubu will not support any policies that could result in the loss of a large number of jobs, particularly in the private sector where employers might not be able to pay the wages that organized labor demands.

"The Minister stated that the Federal Government is concerned with the wellbeing of nearly 200 million people, even if Labour is only interested in the take-home pay of roughly 1.2 million workers Nigerians according to its Guiding Principles of Sustainability, Affordability, and general economic well-being.

"Idris urged Organized Labor to go back to the bargaining table and support fair and feasible pay for their members.

"He said that the wage award of 35,000 for Federal workers would continue until a new national minimum wage is introduced because of the Tinubu administration's commitment to the welfare of workers."

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