Minister of Finance and Coordinating Minister of the Economy, Wale Edun, today, submitted to President Bola Tinubu the projected cost implications of implementing a new National Minimum Wage in Nigeria.
It is uncertain what has been proposed and the cost implications.
The submission follows a 48-hour ultimatum issued to him by the President to present a proposed new minimum wage figure and analysis of the associated costs.
The report is said to outline several potential new minimum wage levels along with the anticipated fiscal impacts on the federal budget of each option.
Mr. Edun was accompanied by Minister of Information and National Orientation, Mohammed Idris and the Minister of Budget and National Planning, Atiku Bagudu.
Recall that the Organised Labour on Monday had embarked on a nationwide strike to press home their demand for increased minimum wage for workers, and the reversal of the recently increased electricity tariffs.
Consequently, the Federal Government after several hours of negotiation with labour was forced to commit to a national minimum wage higher than the N60,000 proposed.
The report outlines several potential new minimum wage levels along with the anticipated fiscal impacts on the federal budget of each option.
