Mohammed Idris, Nigeria's Minister of Information, announced a significant breakthrough in wage negotiations, revealing that the Federal Government and Organised Labour have agreed on ₦70,000 as the new minimum wage for Nigerian workers. This agreement followed extensive discussions between President Bola Tinubu and leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) in Abuja.

Idris expressed satisfaction with the outcome, stating, "Both Organised Labour and the Federal Government have agreed to increase the minimum wage from ₦62,000 to ₦70,000. This proposal will be submitted to the National Assembly by the President."

Confirming the agreement, NLC President Joe Ajaero highlighted that ₦70,000 was now the agreed minimum wage, emphasizing that future wage reviews would occur every three years instead of waiting five years. He indicated that Organised Labour would consult its members on the new benchmark.

Labour Minister Nkiruka Onyejeocha added that President Tinubu had instructed Finance and Budget Ministers to address outstanding issues with the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU).

This resolution followed months of negotiations and a failed tripartite committee on minimum wage. Initially proposing ₦62,000, the committee faced strong labour demands for ₦250,000 due to economic pressures exacerbated by the removal of petrol subsidies.

President Tinubu had earlier signaled legislative action on the new wage in his June 12, 2024, Democracy Day speech. Minister Idris confirmed plans to present the agreed ₦70,000 wage to the National Assembly in the near future.