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.
Bellnews reports that the finance minister was in company of the Minister of Budget and Economic Planning, Atiku Bagudu when he met with the President.
The development comes two days after Tinubu directed the finance minister to present a proposed new minimum wage figure and analysis of associated costs to him within 48 hours.
According to sources, Edun’s report outlines various potential new minimum wage levels, along with the anticipated fiscal impacts on the federal budget for each option.
Edun after meeting the president said “there is no cause for alarm,” but refused to comment on the report.
Recall that on Monday, Organized Labour commenced a nationwide strike in demand of a higher minimum wage for government workers and a reversal of the recently increased electricity tariffs.
The industrial action was suspended for five days by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) leadership after signing a commitment with the federal government to resume negotiations and agree on a new minimum wage within a week.