The federal government has announced that the review of the minimum wage will now occur every two years, rather than the previous five-year interval.
The announcement was made by the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, during a press briefing in Abia State on Thursday.
According to her, this decision comes as part of President Bola Tinubu’s commitment to ensuring that Nigerian workers are protected from the negative impacts of inflation, which has been steadily eroding purchasing power.
Onyejeocha explained that the new two-year review timeline is in line with President Tinubu’s promise to revisit the minimum wage every three years, with the next adjustment slated to occur in just under two years.
“We are not going to allow the minimum wage review to be forever delayed,” Onyejeocha stated
This decision follows growing calls from labour unions, including the Trade Union Congress (TUC), for a more frequent review of the minimum wage, especially in the face of Nigeria’s soaring inflation rate.
Inflation, which reached a staggering 34.60 percent in November 2024, has significantly diminished the value of the country’s currency, making it increasingly difficult for workers to meet basic living expenses. Unions argue that annual wage reviews are now essential to keep up with the cost of living and economic realities.
In 2024, President Tinubu had approved a minimum wage increase to N70,000, with a pledge to review it every three years. However, the rapid rise in inflation has undermined the real value of this increase, compelling the government to act more swiftly in reassessing the minimum wage every two years.