ABUJA, Nigeria — President Bola Tinubu announced on Friday, June 2, 2023, that the national minimum wage may undergo a review to mirror the current economic realities of the country.
This comes after his recent declaration on ending the fuel subsidy regime in Nigeria.
While receiving members of the Progressive Governors Forum, PGF, led by its chairman, Hope Uzodinma, at the Presidential Villa, Abuja, the president emphasized that improving the livelihood of Nigerians remains a top priority of his administration.
“We need to do some arithmetic and soul-searching on the minimum wage. We will have to take a look at that together, and the revenue. We must strengthen the source and application of our revenue,” Tinubu stated.
This statement suggests that the government will consider a broad economic review which could include revisiting minimum wage laws to ensure they align with current financial circumstances.
These discussions may address inflation and living costs, as well as the economic impact of the recent discontinuation of fuel subsidies.
The full details of the proposed changes and the timeline for these reviews remain unclear. It is expected that the government will provide more information in the coming weeks.
