"We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her," the president said
President Bola Tinubu on Monday said the federal government is working with the Labour unions on a new national minimum wage for Nigerian workers.
Mr Tinubu spoke in a presidential broadcast to Nigerians Monday evening.
The president promised that the upward review would be reflected in the next budget once the agreement is reached with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
The president added that the federal government has saved over one trillion naira in the past two months following the removal of the subsidy on petrol.
Some of the savings will be used as low-interest loans for businesses, including small, medium and micro enterprises, the president said.
"Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation," he noted.
Nigeria's minimum wage of N30,000 was approved in 2019 following the passage of the Minimum Wage Bill by the National Assembly.
In May, before Mr Tinubu was sworn in, he promised that his administration would provide a living wage for Nigerian workers because the existing national minimum wage was "not enough".
"In Nigeria, I shall have the honour and privilege to lead from May 29. Workers will have more than a minimum wage. You will have a living wage to have a decent life and provide for your families," he said.
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Since he assumed power, Mr Tinubu has introduced some economic policies that render the minimum wage inadequate for the average salary earner.
The government announced the removal of fuel subsidy in May and consolidated efforts to unify the nation's multiple exchange rates, with immense pressure on the people's earning power.
During his broadcast on Monday, the president applauded private employers in the organised private sector who have already implemented general salary reviews for employees following the subsidy removal.
"Fellow Nigerians, this period may be hard on us, and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture," Mr Tinubu said.
"All of our good and helpful plans are in the works. More importantly, I know that they will work.
"We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her," the president said.
