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.
The minister submitted the cost proposal to the President at the Presidential Villa in Abuja on Thursday, following a 48-hour ultimatum issued to him on Tuesday.
PUNCH Online understands that the report outlines several potential new minimum wage levels along with the anticipated fiscal impacts on the federal budget of each option.
Recall that organised labour, 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 labour 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.
Details later
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