The federal government has confirmed its readiness to implement the new minimum wage of N70,000, effective July 29, 2024.

This development follows the signing of a Memorandum of Understanding between the government and the Labour Union on Friday.

The new minimum wage, aimed at improving the standard of living for Nigerian workers, was agreed upon after extensive negotiations between the government and labour leaders months ago.

In addition to the minimum wage implementation, the government has approved the revision of the salary structure for lecturers, doctors, military personnel, and other civil servants. The committee on salaries, chaired by Didi Esther Walson-Jack, Head of the Civil Service of the Federation, finalized the terms of the new salary structure.

According to Eno Olotu, Head of Information and Public Relations at the Office of the Head of Civil Service of the Federation, both the government and Trade Union have agreed on the consequential adjustments in salaries arising from the new minimum wage.

“Both the Trade Union and the Government sides have agreed on the Consequential Adjustments in Salaries arising from the new minimum wage of N70,000,” Olotu stated.

Recall that the Nigeria Labour Congress recently expressed regret over accepting the N70,000 minimum wage, citing the recent hike in petrol prices and economic hardship. NLC President Joe Ajaero lamented that the minimum wage has been rendered useless, accusing President Tinubu of betraying organised labour by increasing fuel prices immediately after signing the new minimum wage bill into law.