Nigeria’s Senate has approved a bill to increase the monthly minimum wage from $18.92 to $44.16. The bill, which requires President Bola Tinubu’s assent, also shortens the review period for future wage increases from five years to three. This decision follows a prolonged dispute between the government and major unions, the Nigerian Labor Congress (NLC) and the Trade Union Congress (TUC), over inflation and a weak currency. Inflation hit 34.1% last month, driven by the removal of fuel subsidies and the unification of exchange rates. The unions initially proposed a minimum wage of $315.42 but settled for $44.16 after negotiations.
SOURCE: DW
#Nigerias #Lawmakers #Approve #Minimum #Wage #Hike #Labor #Negotiations
