Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has submitted a comprehensive assessment detailing the anticipated financial ramifications of adopting a new national minimum wage to President Bola Ahmed Tinubu.
The minister submitted the document on Thursday, June 6, two days after Tinubu issued the directive to present a proposed new minimum wage figure and analysis of the associated costs.
The finance minister’s report is said to outline several potential new minimum wage levels along with the anticipated fiscal impacts on the federal budget of each option.
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Recall that the Organised Labour had embarked on a nationwide strike on Monday and Tuesday to demand an increased minimum wage for the government workers.
Another of the labour demands was the reversal of the recently increased electricity tariffs.
The industrial action was suspended for five days by the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) after signing a commitment with the federal government to resume negotiations, and come up with a new minimum wage within a week.
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