President Bola Ahmed Tinubu (4)

Finance Minister Wale Edun beats 48-hour ultimatum, submits minimum wage cost to Tinubu

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, on Thursday, in accordance with the 48-hour ultimatum issued to him by President Bola Ahmed Tinubu, submitted the projected cost implications of implementing a new national minimum wage to the president.

According to PUNCH Online, the report outlines several potential new minimum wage levels along with the anticipated fiscal impacts on the federal budget of each option.

It would be recalled that the organised labour had embarked on a nationwide strike on Monday in her quest to demand a minimum wage increase for workers and the reversal of the recently increased electricity tariffs.

The labour union leadership, however, suspended the strike on Tuesday for one week after signing a commitment with the federal government to resume negotiations and come up with a new minimum wage within a week.

Back story

The Informant247 reports that Nigerian President Asiwaju Bola Ahmed Tinubu has given Wale Edun, the Minister of Finance, two days to come up with the cost Implications of the new minimum wage.

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

“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.”

Idris also disclosed that Tinubu had given a marching order that all those who have negotiated on behalf of the Federal government and all those who are representatives of organised private sectors, the sub-nationals, to come together to have a new wage award that is affordable, sustainable and realistic for Nigerians, adding that the president is committed to accepting the resolutions of the tripartite committee on the new minimum wage.

“We were all there to look at all issues, and the president has directed the minister of finance to do the numbers and get back to him between today and tomorrow so that we can have figures ready for negotiation with labour. Let me say that the president is determined to go with what the committee has said, and he’s also looking at the welfare of Nigerians.

“The government is not an opponent of labour discussions or wage increases.”

The minister said the president directed that the committee work together to give Nigerians an “affordable, sustainable, and realistic” minimum wage.

“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,” he said.

Secretary to the Government of the Federation, George Akume, had summoned labour leaders to an emergency meeting after the strike which crippled economic activities on Monday.

At the end of the meeting, it was announced that the Federal Government had offered to pay higher than N60,000 minimum wage.

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