The organised labour is considering a reduction in its demand for a new minimum wage, from N494,000 to N100,000.

This development comes as the tripartite committee on the new minimum wage begins daily meetings to reach a consensus.

According to sources, the leadership of organised labour is willing to review its demands in response to criticism and controversies surrounding its initial proposal. The proposal was deemed unrealistic and outrageous by many, leading to widespread criticism.

The organised labour had embarked on an indefinite strike on June 3, grounding the country’s economy, but suspended it for five days to allow for negotiations.

This followed the agreement by President Bola Tinubu to pay a minimum wage above N60,000.

In a show of commitment, President Tinubu on Tuesday directed the Minister of Finance, Wale Edun, to present a cost implication for a new minimum wage within 48 hours.

Recall that Festus Osifo, President of the Trade Union Congress (TUC), acknowledged that organised labour is aware that not everyone can pay the demanded N494,000 minimum wage.

Osifo said that their negotiations are based on principles such as inflation, exchange rates, and others. He, however, said that labour is not fixated on its initial demand and is willing to consider a serious and realistic offer that reflects current economic realities.

When asked if labour would accept a minimal addition to the tripartite committee’s offer, Osifo said, “No, we told them it’s not about adding ₦1, ₦2, or ₦3,000 as they were doing. We need a serious and realistic offer that reflects the current economic realities.”