Tinubu to Submit Bill for New Minimum Wage Amid Nigeria’s Cost-of-Living Crisis

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Nigerian President Pledges Continued Economic Reforms Amid Hardships, Proposes New Minimum Wage Bill

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ABUJA, June 12 – President Bola Tinubu of Nigeria vowed on Wednesday to persist with economic reforms despite growing public discontent, promising to introduce an executive bill to parliament soon to establish a new minimum wage.

Tinubu, in office for a year, eliminated a longstanding petrol subsidy and devalued the currency, causing inflation to spike to 33.69% in April, the highest in nearly three decades, severely impacting incomes.

In a Democracy Day broadcast, Tinubu acknowledged the difficulties caused by the reforms, including higher interest rates and partial removal of electricity subsidies, but argued these steps were necessary for sustainable economic growth. “Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil,” he said.

Amid the worst cost-of-living crisis in decades, labor unions recently suspended a strike demanding a new monthly minimum wage. The government has proposed doubling the minimum wage to 62,000 naira ($41.89) per month, while labor demands 250,000 naira. Tinubu assured that negotiations had been conducted in good faith and announced plans to formalize the agreement into law.

“We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less,” Tinubu stated, though he did not specify the exact figure to be included in the bill. Labor union leaders await further communication from Tinubu before deciding on their next steps.

Peter Okafor
Peter Okaforhttp://Naija247news.com
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