The Minister of Finance and Coordinating Minister of the Economy has officially submitted his report containing the new Minimum Wage.
Edun who was accompanied by Atiku Bagudu, Minister of Budget and National Planning left the President’s office at about 12.45pm, after submitting the report.
The Ministers who however declined comments on the figures when interrogated by reporters said “No cause for alarm”.
When pressed further Edun simply urged Nigerians to “expect a good figure”.
The report, submitted on Thursday, presents several potential new minimum wage levels and their anticipated fiscal impacts on the federal budget.
Though, 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.
Meanwhile, 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.
