Finance Minister submits new minimum wage proposal to President Tinubu

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Abuja, June 6, 2024 – The Minister of Finance, Wale Edun, submitted the estimated cost implications of implementing a new national minimum wage to President Bola Tinubu on Thursday. According to officials familiar with the matter, Edun proposed N105,000 as the new minimum wage.

Earlier reports by NewsReportersNG indicated that despite the Nigerian government’s assurances of presenting a new minimum wage exceeding N60,000, the Nigeria Labour Congress (NLC) has claimed the government has not fulfilled this promise.

In a video posted on its official X (formerly Twitter) handle, the NLC expressed frustration, stating that as of Thursday morning, no new minimum wage had been offered. The congress noted that Finance Minister Wale Edun had not yet prepared a new wage template as instructed by President Tinubu.

“Update: One Week Ultimatum, They have not presented any different thing yet. FG show Workings ooO! no be to dey yarn cho! cho! cho! One week is at the corner already. #We DEMAND A LIVING WAGE NOW!” the NLC posted on X.

On June 4, President Tinubu directed Finance Minister Edun to present a new wage template within two days. However, by the morning of June 6, the Labour Congress reported no progress.

The disagreement between organized labor and the government centers on wage demands. Organized labor is asking for a minimum wage of N494,000, while the government has proposed N60,000.

However, a few hours later, Finance Minister Edun, along with Minister of Budget and National Planning Atiku Bagudu, submitted the cost implementation of the new minimum wage to President Tinubu at the presidential villa in Abuja. Speaking with State House correspondents after the meeting, Edun reassured the public, stating, “There is no cause for alarm.”

NewsReporters had previously covered the ongoing disagreement between organized labor and the government over the national minimum wage. Following the declaration of an indefinite nationwide strike, which commenced on Monday and was temporarily suspended for one week, the government committed to paying above N60,000.

Trade Union Congress President Comrade Festus Osifo noted that there had been no new developments or offers from the government. “The government is yet to present anything to us. What we have been discussing are principles but no new template yet,” he said.

When asked if there was an offer beyond N60,000, Osifo confirmed that no such offer had been made. “The government is yet to present any new offer to us; we are only hoping that by the time we come back tomorrow, something concrete will be available,” he stated. “They are only talking about principles and what is needed to work but nothing new yet on the minimum wage.”

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