The Minister of Finance and Coordinating Minister of the Economy in Nigeria, Wale Edun, has submitted the projected cost implications of implementing a new national minimum wage to President Bola Tinubu. Alongside the Minister of Budget and National Planning, Atiku Bagudu, Edun presented the details to the President at his office in the presidential villa in Abuja.
Speaking with State House correspondents after the meeting, Edun confirmed the submission 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 negotiation team on the new minimum wage, led by the Secretary to the Government of the Federation, Senator George Akume.
The meeting included several key ministers and officials, such as the Ministers of Finance, Budget and National Planning, Labour, and Information, as well as the Group Managing Director and Chief Executive Officer of the Nigeria National Petroleum Company Limited.
This development follows a nationwide strike by organised labour, including the Nigeria Labour Congress and Trade Union Congress, which commenced on Monday. The strike aimed to demand an increased minimum wage for workers and the reversal of recently increased electricity tariffs. However, the labour union leadership suspended the strike on Tuesday for five days after signing a commitment with the Federal Government to resume negotiations and finalize a new minimum wage within a week.
The submission of the cost implications by Edun marks a significant step in the ongoing negotiations, aiming to address the demands of the labour unions and ensure the implementation of a new national minimum wage.
