Minister of Finance Wale Edun submits minimum wage cost to Tinubu
By 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 Ahmed Tinubu.
On Thursday, June 6, Edun delivered the document just two days after Tinubu directed him to present a proposed new minimum wage figure along with an analysis of the associated costs.
The finance minister’s report outlines several potential new minimum wage levels and their anticipated fiscal impacts on the federal budget for each option.
This move comes in response to the recent nationwide strike by the Organised Labour, which took place on Monday and Tuesday, demanding an increased minimum wage for government workers. Additionally, labour unions called for the reversal of the recently increased electricity tariffs.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) leadership suspended the industrial action for five days after signing a commitment with the federal government to resume negotiations and establish a new minimum wage within a week.