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President Muhammadu Buhari has endorsed N30,000 as the new minimum wage for workers in the country.
The endorsement came during a meeting with the tripartite committee which had been involved in the negotiations.
The amount which was asked for the organization was presented to the President at the Presidential Villa, Abuja, yesterday.
He promised to pbad to the National Assembly for its consideration and approval by the executive arm of government.
While receiving the committee report, the president reiterated the trajectory of the latest minimum wage negotiations and commended the parties involved for their patience.
He said: "On 27th November 2017, I inaugurated the National Minimum Wage Committee with a mandate to recommend a new minimum wage for the workers of our country.
"This exercise has become necessary for many reasons. The last review took place in 2011. We all know since then, the prices of key consumables have increased and the most vulnerable of our workers are struggling to make ends meet.
"Since 2011, many changes have taken place. Nigeria rebased its GDP to become the largest economy in Africa. We reported very strong growth rates and performance of our capital markets. However, these reported successes did not go to the pockets and homes of Nigerians.
"In the last three years, we focused on correcting this deficiency. We are working to create a diversified and inclusive economy.
"We are pushing to clear pension arrears.
"We supported state governments to pay workers salary. And of course, we set up a committee in order to review the minimum wage of workers.
"In constituting this committee, we take into account the need for all stakeholders to be adequately represented – the government, the private sector and most importantly the workers. Our goal was to get an outcome that was consensual.
"From the onset, we knew the committee had a difficult task ahead of it. But at the same time, we were confident that the patriotic and professional background of its members would produce realistic, fair and implementable recommendations that would be considered by both the executive and legislative arms of government.
"I am not surprised that the committee has worked for close to one year. I am not surprised that we have few occasions, the debates got heated and sometimes, these differences came out.
"What is truly inspiring is that, in all instances of disagreements, the committee members always come back to the negotiating table with a common goal of improving the welfare of Nigerian workers. On behalf of all Nigerians today, I want to thank you for your commitment and we are here today.
"In the past few days, I have been receiving regular updates on your deliberations. And today, I am pleased that you have completed your work in a peaceful and non-confrontational manner. The whole nation is grateful to you all.
"The Committee Chairman pointed out some of the challenges encountered during your deliberations, especially as it relates to having a consensus position acceptable by all parties.
"I understand, on the government side, the concerns are raised around affordability – that is, today, many times struggle to meet their existing salary requirements.
"On the side of labor, the points raised focused on the need for any increase to be meaningful.
"In a way, both arguments are valid. I want to make sure that you will be able to do this in the near future.
"Our plan is to transmit the Executive Bill to the National Assembly for pbadage within the shortest possible time.
"I am fully committed to having a new National Minimum Wage Act in the near future.
"Let me use this opportunity to recognize the leadership of the organized labor and private sector of state and federal governments for all your hard work. The fact that we are here today is a notable achievement.
"As the Executive Armor begins its review of your submission, we will continue to engage in this report. I would like to ask for your patience and understanding in the coming weeks.
"May I therefore, implore workers and their leaders not to allow themselves to be used as political weapons."
In her address, the Chairman of the Tripartite Committee and former Head of Service of the Federation, Ms. Ama Pepple, weighed the demands of workers in their recommendations.
She said: "To arrive at our recommendation, the Committee is weighing the price of living with a high rate of inflation.
"The Committee also considered the macro-economic indicators, including the income and expenditure profile of the Government of the United States of America. Committee.
"Consideration is also given to the role of the informal sector in employment generation and the need for a minimum wage that will not grow in the sector and the overall economy.
"After carefully weighing these critical factors and bearing in mind the overriding interest of the economy, the Committee is noting the offer of N24,000 by the Federal Government, is recommending an increase in the existing National Minimum Wage from N18,000 to N30,000. .
"We believe that the implementation of the minimum wage, will, no orbt, boost the purchasing power of workers, increase the growth of the economy, and increase the growth rate."
Meanwhile, President Muhammadu Buhari, yesterday, received Prince Charles and his wife, Princess Camilla at the Presidential Villa, Abuja.
The Prince Charles and members of his entourage arrived at the State House at about 2.20p.m.
Buhari, who welcomed the Prince at the Fore Court of the Presidential Villa, introduced some members of his cabinet and presidential aides to the prince.
The President later went into closed door with Prince Charles.
Prince Charles, 69, who's on a 3-day visit, had visited Nigeria in 2006.
During this visit, he would engage in peace-building activities, including addressing the persistent attacks of herdsmen on farming communities in Nigeria.
He is also expected to discuss practical solutions to alleviating tensions, arising from the activities of herdsmen.
It was learned that the Benin Monarch, Omo N'Oba Ewuare 11, had on Sunday arrived in Abuja ahead of Prince Charles' visit to Nigeria.
Meantime, some of Nigeria's notable monarchs, yesterday, visited Prince Charles in Abuja, who arrived in Nigeria on the third leg of his West African tour.
The Ooni of Ife, Oba Enitan Ogunwusi, who was declaring that the monarch has arrived.
The Emir of Kano, Muhammadu Sanusi II, showed up for the visit of one of his vintage vehicles with an elaborate umbrella.
The Sultan of Sokoto for the visit and quickly made his way in.
When it was time for the photo session, Benin Monarch, Omo N'Oba Ewuare II was spotted.
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