FG to Review ₦70,000 Minimum Wage as Cost of Living Rises

The Federal Government has announced plans to review the ₦70,000 national minimum wage in response to Nigeria’s rising cost of living and prevailing economic realities.

Chief of Staff to the President, Femi Gbajabiamila, disclosed that the President Bola Tinubu administration is committed to ensuring that workers’ wages reflect inflationary trends and changing economic conditions.

According to him, the current minimum wage, which was signed into law in 2024, was deliberately structured to be reviewed every three years instead of the previous five-year cycle, allowing for more timely adjustments in line with economic developments.

Gbajabiamila assured Nigerian workers that the Federal Government would engage organised labour and other key stakeholders once the review process begins to ensure a fair and mutually beneficial outcome.

The planned review comes amid persistent inflation, rising food prices and mounting concerns over the declining purchasing power of workers, with labour unions expected to push for a significant upward adjustment to cushion the impact of the country’s economic challenges.