Approve jumbo Minimum Wage at your own peril, Soludo warns Tinubu


By Our correspondent

Anambra State Governor, Chukwuma Soludo, has cautioned President Bola Tinubu against approving a national minimum wage that is not feasible for employers to pay.

Soludo, a former Governor of the Central Bank of Nigeria (CBN), warned that such a move would have severe consequences that would solely be the responsibility of the President.

The organized labour has been demanding a new national minimum wage of N250,000, while the federal government has proposed N62,000. The dispute has been ongoing, with both parties unable to reach a consensus.

In his Democracy Day speech on Wednesday, President Tinubu assured Nigerians that an executive bill on the new national minimum wage would soon be sent to the National Assembly for passage. However, Soludo has expressed reservations about the proposed wage increase.

Speaking at The Platform Nigeria, a programme organized by a Lagos-based church, Soludo warned that approving an unsustainable minimum wage would be risky.

He emphasized that if President Tinubu approves a wage that employers cannot afford, the consequences would be solely on the President and not on him (Soludo).

Soludo, an economist and former CBN Governor, explained that an unsustainable minimum wage would lead to inflation, job losses, and economic instability.

He urged the President to consider the economic implications of such a move.

The organized labour has insisted on a minimum wage of N250,000, citing the high cost of living and the need for a living wage. However, the government has maintained that the proposed N62,000 is more feasible.

President Tinubu is yet to make a final decision on the minimum wage, but his assurance to send an executive bill to the National Assembly has raised hopes among workers.

Stakeholders have reacted to Soludo’s warning, with some supporting his stance while others have criticized it.

The Nigeria Labour Congress (NLC) has described Soludo’s warning as “anti-worker” and “unfortunate”.

The minimum wage dispute continues to be a contentious issue in Nigeria, with no clear resolution in sight.

As the President considers the proposed minimum wage bill, the warning by Governor Soludo serves as a reminder of the potential economic implications of such a move.

By Ifeizu Joe

Ifeizu is a seasoned journalist and Managing Editor of TheRazor. He has wide knowledge of Anambra State and has reported the state objectively for over a decade.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: