Minister of Finance Wale Edun submitted cost projections for a new national minimum wage following President Bola Tinubu's 48-hour ultimatum. The report includes potential wage levels and their budget impacts. This comes after a nationwide strike by Organized Labour demanding higher wages and reversing recent electricity tariff hikes.
Following a 48-hour ultimatum from President Bola Tinubu, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, submitted a detailed report on Thursday outlining the projected cost implications of implementing a new national minimum wage.
This submission was made just two days after President Tinubu directed the minister to propose new minimum wage figures and provide a thorough analysis of the associated fiscal impacts.
Edun's report presents multiple potential minimum wage levels, each with its anticipated effects on the federal budget. This development comes in the wake of a nationwide strike by the Organized Labour on Monday and Tuesday, during which government workers demanded an increased minimum wage.
Additionally, the workers called for the reversal of the recently increased electricity tariffs. The government's response to these demands, including the proposed new minimum wage, is critical in addressing the economic concerns raised by the labor unions.
