The Minister of Finace 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.
Edun, along with the Minister of Budget and National Planning, Atiku Bagudu, presented theses cost implementations to President Tinubu in his office at the presidential villa in Abuja.
Speaking with State House correspondents after the meeting, Edun confirmed the submission and reassured the public, stating, “there is no cause for alarm.”
Edun’s submission followed a 48-hour ultimatum issued by President Tinubu on Tuesday during a meeting with the government negotiation team on the new minimum wage led by the Secretary to the Government of the Federation, Senator George Akume.
Other team members at the meeting included the Ministers of Finance, Budget and National Planning, Labour, and Information, as well as the Group Managing Director and Chief Executive Officer of the Nigeria National Petroleum Company Limited.
This comes after organized Labour, comprising the Nigeria Labour Congress and Trade Union Congress, launched a nationwide strike on Monday, demanding an increased minimum wage and the reversal of recently increased electricity tariffs.
The Labour union leadership suspended the strike on Tuesday for five days after signing a commitment with the Federal Government to resume negotiations and establish a new minimum wage within a week.