Some oil firms increased salaries by 300% in two years - PENGASSAN
Following the N70,000 minimum wage implementation, some oil and gas companies have increased their salaries by about 300%.
The PENGASSAN President, Comrade Festus Osifo broke the news to reporters at the ongoing Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Women Annual Convention (PWAC 2025) in Abuja.
Asked to give an update on the implementation of the minimum wage, he said the salaries adjustment in oil and gas industry has been tremendous.
According to him: “And I would tell you, since this inflation came, since this inflation started, we have been doing Consequential Basic Adjustments (CBA) negotiations across board and there have been tremendous response. We’ve had, since 2023, we have some companies in PENGASSAN that have done close to 300% salary increment. 300%.”
Besides, he revealed that another branch of the association was about to raise its salaries by 200%.
“There are some branches, a lot of branches have done over 200%. And just last night, we got another branch as well, and we resolved issues around their CBA.”
He commended President Bola Ahmed Tinubu on the implementation of the Nigerian Education Loan Fund (NELFUND).
With the loan in place, some indigent students who would have dropped out of school can now have recourse to the fund, said Osifo, who is also the Trade Union Congress (TUC) President.
He however advised the President to increase the fund to improve its accessibility.
He also admonished the President to address the issues of lack of transparency being reported about the loan.
