Minimum wage: I pity Tinubu because It’ll all be on his head if the consequences come down–According to Soludo

Governor Chukwuma Soludo of Anambra State has reportedly warned President Bola Tinubu against endorsing a national minimum wage that he believes is unworkable, according to Sahara reporters. Speaking at Covenant Nation’s Democracy Day event in Lagos, The Platform Nigeria, Soludo emphasized the possible consequences of enacting a wage that employers cannot afford. His remarks coincide with continuing negotiations over the new national minimum wage between organized labor and the Nigerian government.CONTINUE FULL READING>>>>>

Currently, the government has proposed a minimum wage of N62,000, while organized labor is demanding N250,000. In his Democracy Day address, President Tinubu announced plans to send an executive bill on the new minimum wage to the National Assembly for passage. However, Soludo, a former Governor of the Central Bank of Nigeria (CBN), expressed concerns about the affordability of such wages, particularly for private sector employers who constitute a significant portion of the country’s workforce.

Soludo pointed out that Anambra State, like several others, has yet to implement the existing N30,000 minimum wage. He stressed that any new wage approved by the President could place undue financial strain on employers, potentially leading to broader economic consequences. Soludo emphasized that the responsibility for any negative fallout from an unsustainable wage increase would rest with President Tinubu, not with the state governors or employers.

The Anambra Governor suggested that while the new wage might be implemented, its long-term viability remains questionable. He noted that the country might need to reassess the situation after a year to address any emerging challenges. Soludo’s remarks underscore the complex balance between fair labor compensation and economic sustainability, a challenge that the Nigerian government continues to navigate.

He said: “You will have to pay your own driver. We are all in it. Whatever they agree, we will muddle through but maybe after one year, we will need to meet to discuss the consequences.

“I pity the President because it will all be on his head if the consequences come down, whatever it is, if whatever is negotiated is unsustainable or payable or whatever. Months to come, who will bear the responsibility? Not me.CONTINUE FULL READING>>>>>