Following a 48-hour ultimatum issued to him by President Bola Tinubu, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday, submitted the projected cost implications of implementing a new national minimum wage.
The submission comes two days after Tinubu issued the directive to present a proposed new minimum wage figure and analysis of the associated costs.
The finance minister’s report is said to outline several potential new minimum wage levels along with the anticipated fiscal impacts on the federal budget of each option.
Recall that the Organised Labour had embarked on a nationwide strike on Monday and Tuesday to demand increased minimum wage for the government workers.
Another of the labour demand was the reversal of the recently increased electricity tarrifs.
The industrial action was suspended for five days by the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) after signing a commitment with the federal government to resume negotiations, and come up with a new minimum wage within a week.