The organised labour has intensified its push for an annual increase in the minimum wage, currently pegged at ₦70,000, to reflect the rising inflation rate in the country.
According to Festus Osifo, President of the Trade Union Congress (TUC), the current practice of reviewing the minimum wage every five years is no longer tenable, given the astronomical rise in the cost of living ¹.
“What we are pushing for as Labour is that, instead of waiting for five years to increase the minimum wage, you will now look at the inflation of the last five years and try to make some adjustments, why can’t we reflect the inflation on an annual basis?” Osifo said on Channels Television’s Politics Today on January 1, 2025.
He explained that the TUC and the Nigeria Labour Congress (NLC) have begun talks with the government to tie the minimum wage to the inflation rate, which is released annually by the National Bureau of Statistics.
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Osifo cited the example of the inflation figure for December, which is expected to be released by January 15, 2025.
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“So, what we are pushing for as Labour is that, if for example, the inflation figure is 35%, apply that 35% to the ₦70,000 minimum wage so that it will become reflective of what the true value is,” he said.
The labour unions have argued that the current minimum wage of ₦70,000 is inadequate, given the rising cost of living, which has been exacerbated by the hike in energy costs and the removal of petrol subsidies.
The demand for an annual review of the minimum wage is part of the labour unions’ push for a decent living wage, which they say is necessary to ensure that workers can afford the basic necessities of life.
