Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has submitted options for a new national minimum wage as well as its projected cost implications to President Bola Ahmed Tinubu.
Recall that Tinubu had directed Edun to present a proposal on new minimum wage amount and analysis of the associated costs within 48 hours.
Edun, who submitted the report to Tinubu on Thursday at the presidential villa, Abuja was accompanied by Mohammed Idris, the Minister of Information and National Orientation, and Atiku Bagudu, Minister of Budget and National Planning.
In the report, Edun outlined several potential new minimum wage levels, along with the anticipated fiscal impacts of each option on the federal budget.
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This move is a crucial step in the ongoing process of determining a new national minimum wage.
Speaking with State House correspondents after meeting with the President, Edun verified the submission and reassured that “there is no cause for alarm.”
Recall that organised labour, comprising the Nigeria Labour Congress and Trade Union Congress, embarked on a nationwide strike on Monday to demand an increased minimum wage for workers and the reversal of the recently increased electricity tariffs.
However, the labour union leadership relaxed the strike on Tuesday for five days after signing a commitment with the Federal Government to resume negotiations and come up with a new minimum wage within a week.
