EKO HOT BLOG reports that the President of the Trade Union Congress (TUC), Festus Osifo, emphasized that the minimum wage should reflect the country’s inflation rate. Speaking on January 1, 2025, during an interview on Channels Television’s Politics Today, Osifo proposed that the ₦70,000 minimum wage be reviewed yearly to match inflation trends.
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“What we are advocating for is a system where, instead of waiting five years to adjust the minimum wage, the government applies the inflation rate of the preceding year to ensure wages remain reflective of economic realities,” Osifo explained.
He cited an example: “By January 15, 2025, the National Bureau of Statistics will release the December inflation figure. If inflation is 35%, we propose that this percentage be applied to the ₦70,000 minimum wage for adjustment.”
Osifo also noted that the TUC and Nigeria Labour Congress (NLC) have begun discussions to push for this policy, which aims to ensure workers’ wages retain their value amid rising costs of living. He added that while the new Minimum Wage Act mandates reviews every three years, systemic annual adjustments based on inflation would be more effective.
“This conversation started last year, and we are determined to push for its realization in 2025,” Osifo said.
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