The 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 President Bola Tinubu.
Edun, accompanied by the Minister of Budget and National Planning, Atiku Bagudu, presented the detailed report to President Tinubu in his office at the presidential villa in Abuja.
READ ALSO: President Tinubu Orders Cost Analysis for New Minimum Wage
Following the submission, Edun spoke with State House correspondents, confirming the delivery and reassuring the public, stating, “There is no cause for alarm.”
This submission follows a 48-hour ultimatum issued by President Tinubu to Edun during a meeting with the government negotiation team on the new minimum wage.
The team, led by the Secretary to the Government of the Federation, Senator George Akume, also included the Ministers of Finance, Budget and National Planning, Labour, and Information, along with the Group Managing Director and Chief Executive Officer of the Nigeria National Petroleum Company Limited.
READ ALSO: FG, Labour Suspend Minimum Wage Talks, Await Presidential Template From Finance Minister
The urgency of this submission is linked to recent actions by organized labour groups. The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) initiated a nationwide strike on Monday, demanding an increased minimum wage for workers and the reversal of recent electricity tariff hikes.
However, the strike was suspended on Tuesday for five days after the labour unions signed a commitment with the Federal Government to resume negotiations and establish a new minimum wage within a week.
Details later…