President Bola Tinubu is currently chairing the ongoing Federal Executive Council (FEC) to decide the final new minimum wage for workers today.
The Federal Government, after receiving a report from a tripartite committee recently established for this purpose, acknowledged its capacity to raise the minimum wage to ₦62,000.
The council in today’s meeting, is expected to thoroughly assess labour’s position alongside what the government can feasibly manage.
The contentious minimum wage dispute will take centre stage in today’s crucial FEC meeting discussions, after the last meeting held on May 13th and 14th, the FEC meetings are now scheduled under President Bola Tinubu’s directive to convene every Monday, a change from the prior Wednesday schedule.
This is expected to lead to the drafting of an executive bill aimed at resolving the wage issue, which will subsequently be presented to the National Assembly.
Recall that the resolution of the minimum wage debate is of significant importance.
It will not only affects millions of workers but also has broader economic implications in terms of purchasing power and consumer spending.
However, organized labour, represented by the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), is holding out for a ₦250,000 minimum wage.
Today’s meeting is critical, as it is anticipated to bridge the gap between the government’s proposal and labour’s demands.