Obaseki Announces N70,000 Minimum Wage Amidst Economic Tensions

iexclusivenews – In a move to address the growing concerns of civil servants in Edo State, Governor Godwin Obaseki has announced a new minimum wage of N70,000, effective May 1st, 2024.

This development comes as the Nigeria Labour Congress (NLC) continues to negotiate with the Federal Government for a higher national minimum wage to combat rising inflation and food prices.

The New Wage Structure

During the commissioning of the new Labour House in Edo State on Monday, Governor Obaseki revealed the new wage structure, which aims to alleviate the financial burdens of civil servants in the state.

This move is seen as a proactive step in addressing the economic challenges faced by workers in the public sector.

MORE NEWS:

Mike Tyson: No Sex, No Weed Ahead of Jake Paul Showdown 

Edo State Deputy Governor Philip Shaibu Impeached See Why

NLC Announces Two-Day Nationwide Protest Against Hardship

National Inflation and Food Prices

According to the National Bureau of Statistics (NBS), the inflation rate for March 2024 hit 33.2 per cent, up from 31.70 per cent in February.

Food inflation also rose to 31.7 per cent in March from 30 per cent in February.

These statistics underscore the urgent need for a review of the national minimum wage to ensure that workers’ earnings keep pace with the rising cost of living.

Labour Unions’ Demands

The NLC and the Trade Union Congress (TUC) have been advocating for a new minimum wage of N615,000, citing the erosion of workers’ purchasing power due to inflation and rising food prices.

Their demands follow the establishment of a 37-member panel by President Bola Tinubu in January, tasked with recommending a new national minimum wage.

Panel’s Mandate

The panel, comprising representatives from federal and state governments, the private sector, and organised labour, is expected to submit its report soon.

Vice President Kashim Shettima has urged members to expedite their deliberations, given the expiration of the current N30,000 minimum wage at the end of March 2024.

Edo State Sets Precedent for Wage Increases

With this bold initiative, Edo State sets a precedent for other states, potentially influencing the ongoing discourse on a suitable national minimum wage that reflects the economic realities faced by Nigerian workers.