N70,000 Minimum wage “Grossly Inadequate”- Obasanjo
N70,000 Minimum wage “Grossly Inadequate”- Obasanjo
Former President Olusegun Obasanjo has criticized the new minimum wage of N70,000 approved by President Bola Tinubu, stating that it’s grossly inadequate to cover workers’ basic needs. Obasanjo argued that the minimum wage doesn’t even cover transportation costs for some workers, let alone food, housing, and family upkeep.
Obasanjo also accused labour leaders of betraying workers by prioritizing personal interests over collective welfare. He claimed that labour leaders have become ineffective due to their political ambitions, using their positions to achieve political heights rather than negotiating in the interest of workers.
Additionally, Obasanjo criticized government officials who admitted to paying off labour leaders to stop agitation. He proposed a law requiring labour leaders to wait at least five years after leaving office before participating in politics to prevent conflicts of interest.
The N70,000 minimum wage was signed into law by President Tinubu on July 29, 2024, after negotiations with organized labour and the private sector. This new wage represents a 133% increase from the previous minimum wage of N30,000, which was signed into law by former President Muhammadu Buhari in 2019.
