Organised Labour may accept N100,000 as the new minimum wage, with the Tripartite Committee on National Minimum Wage set to commence daily meetings for five days to reach a consensus.
Multiple sources in the labour movement claim that the union leaders were willing to review their demand from N494,000 to N100,000.
This follows the criticism and controversy that trailed their proposal which was considered outrageous and unrealistic.
In a statement by his media aide, Rabiu Ibrahim on Saturday, the Minister of Information and National Orientation, Mohammed Idris, said the proposed minimum wage would result in an annual expenditure of N9.5tn, a burden he described as untenable for the nation’s finances.
Despite the intervention of the leadership of the National Assembly, labour embarked on an indefinite strike on Monday, a development that grounded economic activities nationwide.
Banks, airports, public schools and courts were shut, forcing the Federal Government to convene an emergency meeting to find a way out of the impasse.
In a bid to move the negotiation forward, the unions on Tuesday announced the suspension of the industrial action for five days after President Bola Tinubu agreed to pay a national minimum wage higher than N60,000 and the tripartite committee pledged its readiness to convene daily until a new minimum wage is announced.
To show his commitment to the negotiation, the President on Tuesday directed the Minister of Finance, Wale Edun, to present the cost implications for a new minimum wage within two days.
Tinubu gave the order at a meeting with the government negotiation team led by the Secretary to the Government of the Federation, George Akume, at the Presidential Villa in Abuja.
