The Federal Executive Council (FEC) has decided to step down the minimum wage memo, citing the need for broader consultations as President Bola Tinubu seeks to engage with a wider range of stakeholders. This move comes amidst growing calls for an increase in the national minimum wage to address the rising cost of living and economic challenges facing Nigerian workers.

During the FEC meeting held yesterday, the decision was made to defer the minimum wage discussion to allow for more inclusive dialogue with labour unions, employers, and other key sectors. This approach aims to ensure that any changes to the minimum wage are sustainable and beneficial for all parties involved.

“President Tinubu is committed to an inclusive process that takes into account the perspectives and needs of all stakeholders,” said Lai Mohammed, Minister of Information and Culture. “This delay is necessary to gather comprehensive input and make informed decisions that will positively impact the lives of Nigerian workers.”

The current national minimum wage, set at ₦30,000 per month, has been a point of contention, with labour unions advocating for an increase to at least ₦50,000 to keep up with inflation and the rising cost of living. The Nigerian Labour Congress (NLC) has been vocal in its demands, organizing protests and threatening strikes if the government does not act swiftly to address workers’ concerns.

“Workers are struggling to make ends meet with the current minimum wage,” said Joe Ajaero, President of the NLC. “We welcome the decision to consult widely, but we urge the government to act quickly to alleviate the hardships faced by millions of Nigerians.”

In addition to engaging with labour unions, the Tinubu administration plans to consult with business leaders and economic experts to assess the potential impacts of a minimum wage increase on the economy. This includes considering the ability of small and medium-sized enterprises (SMEs) to absorb higher wage costs without compromising their viability.

“The business community is ready to engage in constructive dialogue with the government,” said Muda Yusuf, Director-General of the Lagos Chamber of Commerce and Industry. “It is important to balance the needs of workers with the realities of the economic environment, particularly for SMEs.”

The broader consultations are expected to take several weeks, after which the FEC will reconvene to review the findings and make a final decision. In the meantime, the government has assured workers that their concerns are being taken seriously and that efforts are underway to address the economic pressures they face.

“We are committed to finding a solution that is fair and sustainable,” said Zainab Ahmed, Minister of Finance, Budget, and National Planning. “The consultations will provide a platform for all voices to be heard and for us to craft policies that will support economic growth and improve living standards.”

As the process unfolds, there is cautious optimism that a comprehensive and inclusive approach will lead to a more equitable outcome for Nigerian workers. The Tinubu administration’s emphasis on wider consultations reflects a shift towards more participatory governance, aiming to build consensus and foster social cohesion.

The outcome of these consultations will be closely watched by both domestic and international observers, as Nigeria navigates its economic challenges and strives to enhance the welfare of its workforce. The government’s ability to effectively manage this process will be a critical test of its commitment to inclusive and responsive governance.