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Private Sector Endorses ₦60,000 Minimum Wage, Cautions On Higher Wages
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The Organized Private Sector (OPS) supports a ₦60,000 minimum wage for Nigerian workers.
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OPS warns that wages over ₦100,000 could harm small and medium-sized enterprises.
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If wages exceed ₦100,000, OPS members would seek tax relief or exemptions from the government.
EKO HOT BLOG reports that the Organized Private Sector (OPS) has expressed its approval of a ₦60,000 minimum wage for Nigerian workers. An OPS representative cautioned that wages exceeding ₦100,000 could jeopardize small and medium-sized enterprises.
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A member of the National Association of Small and Medium Enterprises (NASME) shared this viewpoint during an interview with Daily Trust, amid ongoing negotiations by the National Minimum Wage Tripartite Committee.
The OPS representative explained that members could manage the ₦60,000 wage but would need government concessions if the agreed amount surpasses ₦100,000. Specifically, they would seek tax holidays or exemptions to mitigate the financial impact of higher wages.
“Obviously, paying more than N100,000 as wages to our workers would collapse small and medium scale businesses. We are okay with N60,000, but we won’t disagree with the government, the labour and other employers from the OPS,” he said.
Private Sector
This online media platfom recalls that on Thursday, the presidency shut down reports that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented ₦105,000 as the proposed new minimum wage to President Bola Tinubu.
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The Special Adviser to the President on Information and Strategy, Bayo Onanuga, who described the report as false, wrote on his X account, “The Honourable Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has not proposed N105,000 minimum wage. The contrary story being disseminated is false.”
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