Just in: Present cost implications of new minimum wage within 48 hours, Tinubu directs Finance Minister

President Bola Tinubu has given a marching order to the Minister of Finance, Wale Edun, to come up with the cost Implications of the new minimum wage within 48 hours.

This was announced by the Minister of Information and National Orientation, Mohammed Idris, while briefing State House Correspondents after a meeting the negotiation team had with the president at Aso Rock, on Tuesday.

Idris further revealed that the President had issued an order for all those involved in federal government negotiations, as well as for representatives of organized private sector organizations and subnationals, to unite to develop a new wage award that is reasonable, tenable, and applicable to Nigerians.

“All parties to the negotiation of the new minimum wage would work together with the organised labour to present a new minimum wage for Nigerians in one week.

“All of us will work together assiduously within the next one week to ensure that we have a new wage for Nigeria that is acceptable sustainable and also realistic.”

The Federal Government and labour unions made substantial headway in resolving the impasse surrounding the National Minimum Wage (NMW) late Monday.

The standoff, which led to nationwide strikes and widespread disruptions, prompted urgent intervention from the National Assembly, culminating in a crucial meeting held on Monday, June 3rd, 2024.

Amidst heightened anticipation, representatives from both sides convened at the office of the Secretary to the Government of the Federation, demonstrating a collective commitment to finding a viable resolution. Following hours of intense deliberation and mutual engagement, a series of pivotal resolutions were reached, offering hope to millions of workers nationwide.

President Bola Ahmed had affirmed a steadfast commitment to establishing a National Minimum Wage exceeding N60,000, emphasizing the government’s dedication to enhancing the welfare of its citizens.