Following several hours of meetings on Friday, the Federal Government and the organised private sector have increased their offer for the new minimum wage to ₦62,000 from the earlier ₦60,000.

However, the organised labour is proposing ₦250,000, which is a shift from its earlier ₦494,000.

This brings to an end the deliberations on the new minimum wage by the tripartite committee set up by the Federal Government after several months.

The recommendations will be forwarded to President Tinubu, who is expected to send an executive bill to the National Assembly for legislative action.

With the work of the tripartite committee, which was constituted in January this year, coming to an end, the ball now shifts to the table of President Tinubu and subsequently that of the National Assembly.

Though both labour, the organised private sector, and the Federal Government had agreed that the current minimum wage of ₦30,000 was no longer sustainable with the present economic reality of the country, agreeing a figure for the new minimum wage had for long proved difficult.

While the government and the organised private sector viewed labour’s proposed ₦494,000 as over the roof, labour felt the offer of ₦60,000 was not considerate.

At the expiration of an ultimatum issued by labour on May 31, the unions embarked on a strike on June 3, shutting down businesses across the nation.

The action was, however, suspended on Tuesday after the Federal Government promised to increase the minimum wage to an amount greater than ₦60,000 as they resumed negotiations.