In a landmark decision, President Bola Tinubu has approved an increase in the national minimum wage to 70,000 Naira. This move aims to address the rising cost of living and improve the standard of living for Nigerian workers.
While the full details of the implementation plan are yet to be disclosed, the announcement has already sparked a range of reactions from various sectors. Labor unions have welcomed the decision, calling it a significant step towards economic justice, while some business groups express concerns about potential impacts on small and medium enterprises.
Further information on the rollout and adjustments to the current wage structure is expected to be released soon.