Finance Minister Submits Minimum Wage Cost Analysis to Tinubu

From Juliana Taiwo-Obalonye, Abuja In compliance with President Bola Tinubu’s directive, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has submitted the projected cost implications of implementing a new national minimum wage to the President....CONTINUE READING THE ARTICLE FROM THE SOURCE

The submission comes just two days after Tinubu issued a firm 48-hour deadline for Edun to present a proposed new minimum wage figure and analysis of the associated costs.The report submitted by Edun is said to outline several potential new minimum wage levels, along with the anticipated fiscal impacts on the federal budget of each option. This move is seen as a crucial step in the ongoing process of determining a new national minimum wage, which has been a topic of discussion in recent times.

Tinubu’s directive, which was issued on Tuesday, emphasized the need for a swift resolution to the issue, with the President giving Edun a 48-hour deadline to present the proposed new minimum wage figure and analysis of the associated costs.The Federal Government had on Monday announced that President Tinubu had committed to a national minimum wage higher than the current N60,000.

This was one of the key resolutions the Federal Government of Nigeria and Organised Labour following a meeting held in the office of the Secretary to the Government of the Federation.Edun was accompanied by Minister of Information and National Orientation, Mohammed Idris and the Minister of Budget and National Planning, Atiku Bagudu.

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