Joe Ajaero, President of the Nigeria Labour Congress (NLC), has revealed that the Organised Labour rejected President Bola Tinubu’s proposal to set a minimum wage of ₦250,000 while also increasing petrol prices.
During an appearance on Channels Television’s Politics Today on Thursday, Ajaero explained that accepting a ₦70,000 minimum wage was considered the best option to prevent further hardship for Nigerians.
Ajaero detailed that at a recent meeting with the President, Tinubu proposed offering ₦250,000 as the minimum wage in exchange for a rise in fuel prices. However, Organised Labour chose to reject this proposal, choosing instead to consult further. He emphasized that the labour movement is willing to make sacrifices but will not allow Nigerians to bear additional burdens from higher fuel prices.
Since May 2023, when Tinubu announced the removal of the fuel subsidy, the price of petrol has surged from ₦184 to approximately ₦700, depending on the region.
Ajaero also noted that the agreement to set the new minimum wage at ₦70,000 includes a shift from the previous five-year review cycle to a review every three years. President Tinubu is expected to submit an executive bill to the National Assembly to formalize the agreed wage rate.