RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Lagos State to Raise Minimum Wage for Civil Servants to N85,000 –Sanwo-Olu

Victoria Attah by Victoria Attah
October 17, 2024
in Economy, Wealth
Reading Time: 2 mins read
A A
0
Lagos State Government Honors 644 Retirees with N2.02bn Retirement Benefits
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Lagos State government has announced plans to raise the minimum wage for civil servants to N85,000, surpassing the federal government’s approved rate of N70,000. Governor Babajide Sanwo-Olu made this disclosure during an interview on Channels Television, where he outlined his administration’s strategies to improve living conditions in the state.

Governor Sanwo-Olu emphasized that the decision to raise the minimum wage was driven by Lagos’s high cost of living and the state’s ability to afford the increase. He explained that while Lagos is not in competition with other states, the unique financial demands faced by residents necessitated a higher wage.

AlsoRead

Seplat Agrees to Sell 10% Stake in NNPC Joint Venture for $281.6 Million

Nigerian Issuers Pay Up to 20% to Raise Debt in First Half of 2026

Nigeria’s FX Market Hits Record $4.4 Billion Weekly Turnover 

“We’ve discussed this with our unions, and I’m happy to announce that the minimum wage for Lagos is now N85,000,” the governor stated. “This isn’t about competition but about affordability and the realities of living in Lagos.”

In addition, Sanwo-Olu hinted at the possibility of further wage increases in the near future, saying, “We increased salaries earlier this year and, if all goes well, I hope to raise the minimum wage to N100,000 by January.”

 Focus on Transport and Infrastructure

The Governor also discussed his administration’s plans to expand Lagos’s transport network, particularly in the area of rail. He highlighted the government’s ambition to connect all five districts of Lagos through rail transport, aiming to ease congestion and improve mobility across the city.

Background on Minimum Wage Increases

The Lagos State wage increase follows President Bola Tinubu’s decision in July 2024 to raise the national minimum wage to N70,000. This move was prompted by rising inflation and the increased cost of living due to the removal of petrol subsidies and the devaluation of the naira. Nigeria’s inflation rate reached a 28-year high of 34.19% in mid-2024, with food inflation exceeding 40%.

Governor Sanwo-Olu’s announcement comes as part of his broader efforts to mitigate the impact of economic challenges on Lagos residents, reinforcing the state’s commitment to improving workers’ livelihoods.

Looking Ahead

With further potential increases in January 2025, Lagos continues to position itself as a leader in progressive wage policies, ensuring that its civil servants are better equipped to cope with the challenges posed by the high cost of living in the state.

Tags: 000Babajide Sanwo-OluLagos Stateminimum wageN85
Previous Post

All-Share Index Drops by 249.40 Points, Closing Wednesday’s Session in Decline

Next Post

IMF Approves $8 Billion Support Package for Low-Income Countries

Related News

Seplat Energy revenue grows by 29.8% in 2022

Seplat Agrees to Sell 10% Stake in NNPC Joint Venture for $281.6 Million

by Akpan Edidong
July 31, 2026
0

Seplat Energy Plc has entered a legally binding agreement to dispose of a 10% working interest in its joint venture...

FG Secures $1.95 Billion in World Bank Loans Amidst Debt Concerns

Nigerian Issuers Pay Up to 20% to Raise Debt in First Half of 2026

by Victoria Attah
July 28, 2026
0

Corporate borrowers and state-backed entities paid coupon rates as high as 20% to access Nigeria’s debt capital market in the...

Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Nigeria’s FX Market Hits Record $4.4 Billion Weekly Turnover 

by Jide Omodele
July 28, 2026
0

Nigeria’s foreign exchange market recorded its highest weekly turnover of 2026, with total transactions in the FX Spot and Derivatives...

US Imposes 12.5% Tariff on Nigerian Exports Over Forced Labour Concerns

by Victoria Attah
July 27, 2026
0

The United States has imposed a 12.5% tariff on most Nigerian exports following a Section 301 investigation that concluded Nigeria...

Next Post

IMF Approves $8 Billion Support Package for Low-Income Countries

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Seplat Energy revenue grows by 29.8% in 2022

Seplat Agrees to Sell 10% Stake in NNPC Joint Venture for $281.6 Million

July 31, 2026
Seplat Energy Nigeria Offers Internship Opportunity to Nigerian Undergraduate Students.

Seplat Posts 74% Pre-Tax Profit Jump to N790bn, Declares Record US$0.12 Dividend

July 31, 2026

Popular Story

  • Seplat Energy revenue grows by 29.8% in 2022

    Seplat Agrees to Sell 10% Stake in NNPC Joint Venture for $281.6 Million

    0 shares
    Share 0 Tweet 0
  • 31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0
  • World Bank: Trade Restrictions Caused 9% of the Rise in Food Prices

    0 shares
    Share 0 Tweet 0
  • Capital Reversals Drive Nigeria’s $1 Billion Foreign Outflow in April 2024

    0 shares
    Share 0 Tweet 0
  • First HoldCo Approves 60% Dividend Payout Policy After Record Half-Year Profit Surge

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>