President Bola Tinubu has received a detailed report on the projected cost implications of implementing a new national minimum wage.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday submitted, following a 48-hour ultimatum from the President.
The report, submitted on Thursday, presents several potential new minimum wage levels and their anticipated fiscal impacts on the federal budget. This submission comes just two days after President Tinubu’s directive to propose a new minimum wage figure and analyze the associated costs.
This development follows a nationwide strike by the Organised Labour, which took place on Monday and Tuesday. The strike aimed to pressure the government to increase the minimum wage for government workers and reverse the recent hike in electricity tariffs.
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) suspended the industrial action for five days after signing a commitment with the federal government. This agreement included a pledge to resume negotiations and determine a new minimum wage within a week.
The finance minister’s report is a critical step towards addressing the demands of the Organised Labour and ensuring a sustainable increase in the minimum wage that aligns with the country’s fiscal realities.
