The 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, alongside the Minister of Budget and National Planning, Atiku Bagudu, delivered the report to President Tinubu at the presidential villa in Abuja on Thursday.
Following the meeting, Edun confirmed the submission to State House correspondents and reassured the public, stating, “There is no cause for alarm.”
This submission comes in response to a 48-hour ultimatum issued by President Tinubu on Tuesday during a meeting with the government’s negotiation team on the new minimum wage, led by Secretary to the Government of the Federation, Senator George Akume. The team also included the Ministers of Labour and Employment, Nkeiruka Onyejeocha, and Information and National Orientation, Mohammed Idris, as well as the Group Managing Director and CEO of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari.
Organised labour, comprising the Nigeria Labour Congress and Trade Union Congress, had initiated a nationwide strike on Monday, demanding an increased minimum wage and the reversal of the recently increased electricity tariffs. However, the strike was suspended on Tuesday for five days after the labour union leadership signed a commitment with the Federal Government to resume negotiations and finalize a new minimum wage within a week.
