The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has presented the projected cost implications of implementing a new national minimum wage to President Bola Tinubu.
Edun, accompanied by the Minister of Budget and National Planning, Atiku Bagudu, submitted the cost analysis of the new minimum wage to President Tinubu at the presidential villa in Abuja on Thursday.
After the meeting, Edun confirmed the submission to State House correspondents, reassuring the public, “There is no cause for alarm.”
The Punch reports that this submission follows a 48-hour ultimatum issued by President Tinubu to Edun during a meeting on Tuesday with the government negotiation team on the new minimum wage, led by the Secretary to the Government of the Federation, Senator George Akume.
Other team members included the Ministers of Labour and Employment, Nkeiruka Onyejeocha, Information and National Orientation, Mohammed Idris, and the Group Managing Director and Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari.
While the exact figure of the proposed minimum wage was not disclosed, MUK TV reports that sources familiar with the matter told SaharaReporters that the finance ministry proposed a wage of ₦105,000 for Nigerian workers.
Recall that organized labor, comprising the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), had embarked on a nationwide strike on Monday, demanding an increased minimum wage and the reversal of the recently increased electricity tariffs.
However, labor union leadership suspended the strike on Tuesday for five days after signing an agreement with the Federal Government to resume negotiations and finalize a new minimum wage within a week.
