Finance Minister, Wale Edun Submits Minimum Wage Cost To President Tinubu

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has submitted the projected cost implications of implementing a new national minimum wage to President Bola Tinubu.

The minister presented the cost proposal to the President at the Presidential Villa in Abuja on Thursday, after receiving a 48-hour ultimatum on Tuesday.

It was learned that the report details various potential new minimum wage levels and their projected fiscal impacts on the federal budget for each option.

Recall that organized labor, comprising the Nigeria Labour Congress and Trade Union Congress had embarked on a nationwide strike on Monday to demand an increased minimum wage for workers and the reversal of the recently increased electricity tariffs.

However, the labor union leadership suspended the strike on Tuesday for five days after signing a commitment with the federal government to resume negotiations and come up with a new minimum wage within a week.