The Minister of Finance, Wale Edun has submitted to President Bola Tinubu, the estimated cost implications of implementing a new national minimum wage.
Edun presented the projected cost implications of implementing the wage increase during a meeting with President Tinubu at the presidential villa in Abuja on Thursday.
Edun, accompanied by the Minister of Budget and National Planning, Atiku Bagudu, verified the submission and assured the public that “there is no cause for alarm” regarding the proposed wage hike.
The 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 led by the Secretary to the Government of the Federation, Senator George Akume.
Other team members included the Ministers of Labour and Employment, Nkeiruka Onyejeocha, and Information and National Orientation, Mohammed Idris, as well as the Group Managing Director and Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari.
The proposal comes after organised labour suspended a nationwide strike on Tuesday, following a commitment from the Federal Government to resume negotiations for a new minimum wage within a week.
The strike was initiated to demand an increased minimum wage for workers and the reversal of recently increased electricity tariffs.