After the walkout by the Organised Labour comprising of the Nigeria Labour Congress and the Trade Union Congress during the last meeting with the Tripartite Committee on Minimum Wage following the proposed N48,000 as minimum wage by the Federal Government, it has been learned that the government has now upped it to N54,000.

A highly reliable source at the meeting, which is currently ongoing, disclosed this.

“The Federal Government has now proposed the sum of N54,000,” the reliable source said.

Though it is not clear whether Labour would accept this offer, FG’s proposal is a far cry from the N615,000 proposed by the organized Labour.

The National President of the Nigeria Labour Congress, Joe Ajaero, insisted on N615,000 minimum wage, arguing that the amount was arrived at after an analysis of the current economic situation and the needs of an average Nigerian family of six.

He blamed the government and the OPS for the breakdown in negotiation, saying, “Despite earnest efforts to reach an equitable agreement, the less than reasonable action of the Government and the Organised Private Sector has led to a breakdown in negotiations.”

But speaking on behalf of the OPS, the Director-General of the Nigeria Employers Consultative Association, Mr Adewale-Smatt Oyerinde, described unions’ walkout when negotiation had not started as unfortunate.

The NECA DG admonished the union leaders to reconsider their position and return to the negotiation table in the interest of their members and national development.

However, Ajaero justified their decision to abandon the negotiation, saying, “The government’s proposal of a paltry N48,000 as the minimum wage does not only insult the sensibilities of Nigerian workers but also falls significantly short of meeting our needs and aspirations.

“Though it is worth noting that even the least paid workers in the private sector receive N78,000 as clearly stated by the OPS, highlighting the stark disparity between the proposed minimum wage and prevailing standards further demonstrating the unwillingness of employers and Government to faithfully negotiate a fair national minimum wage for workers in Nigeria.’’

He accused the government of failing to provide data to support its offer, noting that this undermined the credibility of the negotiation.

“Furthermore, the government’s failure to provide any substantiated data to support their offer exacerbates the situation. This lack of transparency and good faith undermines the credibility of the negotiation process and erodes trust between the parties involved.

The NLC president noted that the unions remained committed to fighting for the rights and interests of Nigerian workers.

He also called on the government to reconsider its position and come to the negotiation table with “clear hands that reflect the true value of the contributions made by Nigerian workers to the nation’s development and the objective socioeconomic realities that confront not just Nigerian workers but Nigerians today as a result of the policies of the Federal Government.”

President Tinubu, through Vice President Kashim Shettima, on January 30, 2024, inaugurated the 37-member Tripartite Committee on Minimum Wage to come up with a new minimum wage ahead of the expiration of the current N30,000 wage on April 18.

The panel, whose membership includes federal and state governments, the private sector, and organised labour, will recommend a new national minimum wage for the country.

During the panel’s inauguration, Shettima urged the members to “speedily” reach a resolution and submit their reports early.

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

In furtherance of its assignment, a zonal public hearing was held simultaneously on March 7 in Lagos, Kano, Enugu, Akwa Ibom, Adamawa, and Abuja.

The NLC and the TUC in different states proposed various figures as a living wage, referencing the current economic crunch and the high costs of living.

In their different proposals on the minimum wage, the NLC members in the South-West states demanded N794,000 as the TUC suggested N447,000.

At the North-Central zonal hearing in Abuja, the workers demanded N709,000 as the new national minimum wage, while their counterparts in the South-South clamoured for N850,000.

In the North-West, N485,000 was proposed, while the South-East stakeholders demanded N540,000 minimum wage.

But organised labour settled for N615,000 as a living wage.

Some retired police officers, on Tuesday, besieged the national assembly over unpaid pensions.

The retirees are demanding that they be removed from the contributory pension scheme.

In a letter dated May 21 and addressed to Senate President Godswill Akpabio, the retirees said many of them have lost their lives due to the prevailing economic hardship.

“We believe that our peaceful and legal approach to this agitation would not be taken for granted by you,” the letter reads

“We must also appreciate both the members of the Upper and the Lower Chambers who have also painstakingly taken the matter through several sessions of legislative actions spanning investigative hearings, public hearings.

“And passage of the Police Exit Bill from CPS and Police Pension Board Bill in our favour, privately initiated bills by Sen. Elisha Abbo and Hon. Francis Waive of the Senate and House of Representative respectively, in the 9th NASS.

“Sir, permit us to intimate our dear Senate President that the Bill for an Act to establish the Nigeria Police Pension Board to handle Pension matters for personnel of the Force and for connected purposes was passed by the 9th Assembly Senate on Tuesday 5th June, 2023.

“Whereas the sister bill to exempt the Police Force from the application of the Contributory Pensions Scheme under the CPS 2014 and for related matters which public hearing was conducted since 22/02/22 by the House Committee on Pensions of the 9th Assembly, came up in the floor of the 10th Assembly on 23rd November, 2023 for harmonization process but is still pending till date.

“The speedy harmonisation and transmission of these bills to the President for assent become absolutely necessary due to very obvious reasons.

“A few of such reasons is the rate at which Retired police officers die because of hardship caused by the present economic situation in Nigeria.”

Speaking with the retirees, Yunus Akintunde, deputy chair of the senate committee on police, said the national assembly is working to resolve the issue.

The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent.

On May 15, Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices.

The monetary policy rate (MPR) is the baseline interest rate in an economy, which banks use to set their interest rates.

Olayemi Cardoso, CBN’s governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 295th meeting in Abuja.

This is the third consecutive time the apex bank will be raising the benchmark rate this year.