Finance minister submits minimum wage cost to Tinubu

Relief is on the way for Nigerian workers, as President Bola Tinubu on Thursday received the cost implications of an affordable, sustainable, and realistic new minimum wage.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, along with his Budget and National Planning counterpart, Atiku Bagudu, presented the report to the President at the Presidential Villa in Abuja.

This development follows the President’s directive on Tuesday that the government team in the tripartite committee should ensure the proposals reach him within 48 hours.

Edun confirmed the submission and assured, “There is no cause for alarm” when asked about the figure.

Recall that the Minister of Information and National Orientation, Mohammed Idris, had disclosed the President’s ultimatum in an interview with newsmen on Tuesday.

Emerging from a meeting of the President with the government team on the tripartite committee on the new minimum wage, Idris stated: “The President has just summoned a meeting of all those who negotiated on behalf of the federal government, led by the Secretary to the Government of the Federation. The Minister of Finance was there, the Minister of Budget Planning, the Minister of Information, the Minister of Budget and National Planning, the Minister of Labour, and the NNPCL GMD.

“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.”

Idris also assured of the President’s readiness to accept the committee’s resolutions with Labour, in line with his commitment to the welfare of Nigerians.

He explained that the federal government is keen to ensure a balance between its commitments and the economic realities of the country.

Further, Idris added: “And 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.

“Government is not against or opponent of labour discussions, government is not an opponent of wage increase but what is there is that government is always there to ensure that there is a balance between what government pronouncement is and what the realities are on ground.

“And therefore, we will work assiduously to ensure that whatever promises government makes is promise that will be kept that is the idea of this meeting.”

Furthermore, he said President Tinubu has directed the government representatives to work with the organised private sector and the sub-nationals to achieve a new affordable and sustainable wage award for Nigerians.

Idris explained: “The President has given a matching 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 that is also realistic for Nigerians.

“The wage award is not just that of the federal government like I mentioned earlier, the sub-nationals are involved, the organised private sector is involved; it was labour that stepped out during that procedure. Now we have come back to the negotiation table.”

The minister assured that all parties to the negotiation of the new minimum wage will cooperate with organised labour to present a new minimum wage for Nigerians within one week.

He noted: “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 realistic.”