Edun Presents Minimum Wage Cost To President

Date:

Finance Minister Wale Edun has presented a detailed report to President Bola Tinubu, outlining the financial implications of a proposed new national minimum wage.

On Thursday, Edun, along with the Minister of Budget and National Planning, Atiku Bagudu, met with President Tinubu at the Presidential Villa in Abuja to deliver the cost analysis.

After the meeting, Edun spoke to State House correspondents, confirming the submission and reassuring the public that there was no cause for concern.

President Tinubu had given Edun a 48-hour deadline to provide this analysis during a meeting with the government’s negotiation team regarding the new minimum wage.

This negotiation team is headed by the Secretary to the Government of the Federation, Senator George Akume.

Other key members of the team include the Ministers of Labour and Employment, Nkeiruka Onyejeocha, and Information and National Orientation, Mohammed Idris.

The team also includes the Group Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

The submission of the report follows a recent nationwide strike initiated by the Nigeria Labour Congress and the Trade Union Congress.

The strike, which began on Monday, aimed to push for a higher minimum wage and the reversal of the recently increased electricity tariffs.

On Tuesday, the labour unions suspended the strike for five days after reaching an agreement with the Federal Government.

This agreement involved a commitment to resume negotiations and agree on a new minimum wage within a week.

The Government’s prompt response to these demands highlights its commitment to addressing workers’ concerns and ensuring economic stability.

Submitting the cost implications is a crucial step towards finding a balanced solution that meets the needs of workers while maintaining fiscal responsibility.

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