The Organised Labour has called for annual adjustments to the ₦70,000 minimum wage to account for rising inflation, arguing that workers’ earnings should reflect the economic realities they face each year.
January 1, 2025, the President of the Trade Union Congress (TUC), Festus Osifo, explained the rationale behind the proposal. He emphasized the need to move away from the current practice of reviewing the minimum wage every five years and instead implement yearly adjustments based on inflation rates.
“What we are advocating for is this: instead of waiting five years to review the minimum wage, why not look at the inflation rate over the past year and make adjustments accordingly?” Osifo said. “For instance, by January 15, 2025, the National Bureau of Statistics will release the inflation figure for December 2024. If that figure is 35%, apply it to the ₦70,000 minimum wage to ensure it reflects the true value.”
Osifo further noted that members of the TUC and the Nigeria Labour Congress (NLC) have already begun discussions on this proposal.
The Labour movement is also pushing for a shift from the current three-year adjustment mandated by the new Minimum Wage Act to an annual, inflation-driven system. “We believe this can be done systematically by applying the previous year’s inflation rate to the existing minimum wage,” Osifo explained.
Looking ahead, Osifo highlighted the importance of maintaining the purchasing power of Nigerian workers.
“When we get to 2026, the same application should be made. This is part of the position we are pushing in 2025. We started the conversation last year, and we are determined to see it through.”
