In a significant development, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has submitted new national minimum wage options to President Bola Tinubu. The proposal includes a detailed analysis of the associated costs and fiscal implications on the federal budget.
Organized labour had earlier proposed a new national minimum wage of N615,500 and N494,000, which the government considered unrealistic. However, President Tinubu has committed to a national minimum wage higher than N60,000. Edun’s report outlines several potential new minimum wage levels, each with a detailed breakdown of the anticipated fiscal impacts on the federal budget. The proposal is a crucial step in the ongoing discussions between the federal government and organized labour. The tripartite committee, comprising representatives from the federal government and labour unions, has resumed talks on establishing a new national minimum wage.
Mr. Wale Edun, has submitted a new minimum wage proposal to President Bola Tinubu, meeting the set 48-hour deadline.
Accompanied by the Minister of Budget and National Planning, Atiku Bagudu, Edun provided President Tinubu with a detailed analysis of the financial impact of the proposed minimum wage during a meeting at the Presidential Villa in Abuja.
The new proposal recommends setting the minimum wage at N105,000 (approximately $220) per month for Nigerian workers.
