The minister also conveyed that President Bola Tinubu agreed to revise the national minimum wage review interval from every five years to every three years.

The federal government has adopted a new minimum wage of N70,000 after consultations with organized labour. Mohammed Idris, Minister of Information and National Orientation, made this announcement while speaking to State House correspondents. He stated that the new minimum wage will be reviewed every three years instead of the previous five, a change agreed upon during discussions led by President Bola Tinubu with labour representatives.

Mr. Idris further mentioned that President Tinubu will refine the proposal into a bill to be presented to the National Assembly next week. Alongside the wage increase, the government plans significant investments in infrastructure and renewable energy. Additionally, efforts are underway to enhance the economy, including measures to reduce inflation such as the recent directive to suspend duties on certain food imports to lower food prices.

Nkeiruka Onyejeocha, Minister of State for Labour, emphasized that the adjustment reflects economic conditions and urged labour to accept the N70,000 minimum wage. Joe Ajaero, President of the Nigeria Labour Congress (NLC), confirmed labour's acceptance, highlighting their preference for more frequent wage reviews every three years rather than waiting for five years as previously required.

This increase represents a substantial rise from the previous minimum wage of N30,000 implemented in 2019, amounting to approximately a 133% increase.