Senator Adams Oshiomhole has confirmed a widespread consensus among federal and state governments, along with private employers, regarding the necessity to raise the national minimum wage.

Naija News reports that Oshiomhole, while speaking on Channels Television’s “Politics Today,” highlighted the outdated nature of the current N30,000 minimum wage in light of the escalating cost of living.

“The current minimum wage of 30,000 is a joke,” Oshiomhole stated, emphasizing the dire need for an adjustment.

He pointed out the severe drop in purchasing power affecting employees at all levels, from directors and permanent secretaries to entry-level positions.

“You need to beef it up,” he added, suggesting the potential for wages to be indexed to inflation, a practice observed in other market economies.

Expectations for an announcement of a new minimum wage during the Workers’ Day celebrations were unmet, leaving the workforce in anticipation.

However, the Minister of State for Labour, Nkeiruka Onyejeocha, reassured workers at the May Day celebration in Abuja that any agreed-upon adjustments would be retroactive from May 1, 2024.

“It is regrettable that the new national minimum wage is not ready before today, but a wide consultation is ongoing to ensure that the document is put together as soon as possible,” Onyejeocha said.

Oshiomhole praised the government’s commitment to implementing the new minimum wage from the specified date.

The current Minimum Wage Act, established at N30,000, was signed in 2019 by former President Muhammadu Buhari and is due for its five-year review to align with the contemporary economic needs of workers.