In a significant development, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has presented the projected cost implications of implementing a new national minimum wage to President Bola Tinubu. Edun, accompanied by Minister of Budget and National Planning, Atiku Bagudu, submitted the cost implications to the President at the Presidential Villa in Abuja.
The submission follows a 48-hour ultimatum issued by President Tinubu to Edun on Tuesday, during a meeting with the government negotiation team on the new minimum wage. The team, led by Secretary to the Government of the Federation, Senator George Akume, included Ministers of Labour, Information, and top officials from the Nigeria National Petroleum Company Limited.
Speaking to State House correspondents after the meeting, Edun confirmed the submission and sought to reassure Nigerians, saying “there is no cause for alarm.” The Minister’s statement suggests that the government is working to ensure a smooth implementation of the new minimum wage, despite concerns over the potential economic impact.
The submission of the cost implications marks a critical step in the negotiations, as the government seeks to balance the demands of labor unions with the fiscal realities of the nation. As the President considers the proposal, all eyes are on the next move, with labor leaders and Nigerians eagerly awaiting the outcome.
Key Points:
– Minister of Finance, Wale Edun, submits minimum wage cost implications to President Tinubu.
– Submission follows 48-hour ultimatum issued by President Tinubu.
– Meeting included government negotiation team, led by Secretary to the Government of the Federation, Senator George Akume.
– Edun reassures Nigerians, saying “there is no cause for alarm”.
– Government seeks to balance labor demands with fiscal realities.
