Wale Edun, minister of finance and coordinating minister of the economy, has submitted new national minimum wage options and projected cost implications to President Bola Tinubu.
The minister of finance, accompanied by the minister of economy, has successfully submitted the new minimum wage proposal with all the associated costs of implementation.
The new minimum wage submission was a result of an order given by President Tinubu on Tuesday to present a proposal on the new minimum wage with a detailed report of associated costs in 48 hours.
The report was presented by Edun to the president on Thursday at the presidential villa in Abuja.
Others that accompanied him are the current Minister of Information and National Orientation, Mohammed Idris, and the Minister of Budget and National Planning, Atiku Bagudu.
The highlights of the report include the various potentials of new minimum wage levels and the expected fiscal effects each option will have on the federal budget.
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This is an important step to consider right now because the new minimum wage has to be determined.
On Monday, NLC and TUC—organized labor—proposed N615,500 and N494,000 as the new national minimum wage. These were rejected by the federal government because they were not realistic.
Federal has announced the payment of a new minimum wage that is more than N60,000, but it was rejected by organized labor.
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