Wale Edun, the Finance Minister and Coordinating Minister of the Economy, has delivered a comprehensive report outlining the projected costs of a new national minimum wage to President Bola Tinubu. This submission took place on Thursday at the presidential villa, where Edun and Budget and National Planning Minister Atiku Bagudu presented their findings to the President.
Speaking to the press after the meeting, Edun confirmed the delivery of the report and reassured the public that there is no reason for concern.
This development follows a 48-hour ultimatum issued by President Tinubu on Tuesday, instructing Edun to provide the cost implications after a meeting with the government negotiation team on the new minimum wage. The negotiation team, led by Secretary to the Government of the Federation Senator George Akume, included key ministers such as Nkeiruka Onyejeocha (Labour and Employment), Mohammed Idris (Information and National Orientation), and Mele Kyari, CEO of NNPCL.
The urgency in this matter arises from a recent nationwide strike initiated by the Nigeria Labour Congress and Trade Union Congress. The strike, aimed at demanding an increased minimum wage and reversing the hike in electricity tariffs, was suspended on Tuesday after the labor unions and the Federal Government agreed to a five-day period to negotiate and finalize a new minimum wage.
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