The president made the announcement during a meeting with labour leaders on Thursday at the Presidential Villa in Abuja, according to Minister of Information Mohammed Idris, who spoke with State House correspondents.
The Nigeria Labour Congress (NLC) President, Comrade Joe Ajaero, briefed media following the meeting and stated that the unions had accepted the offer.
Ajaero claimed that the unions accepted the offer since there were additional incentives involved, facing out against Comrade Festus Usifo, President of the Trade Union Congress (TUC), and other attendees who were representatives of Nigerian workers.
He added that the president's pledge of a review every three years, as opposed to what had previously been received, was another factor in his decision to accept the offer.