Tinubu instructs Edun to analyze the financial impact of the minimum wage within 48 hours
President Bola Tinubu has instructed the Minister of Finance, Wale Edun, to estimate the costs of implementing a new national minimum wage.
The directive was given during a meeting at the State House on Tuesday, June 4, with members of the federal government’s negotiation team. This team had recently met with labor leaders, resulting in the suspension of a widespread strike.
Minister of Information, Mohammed Idris, told journalists that the Finance Minister must provide the cost figures by today (Wednesday) to help guide negotiations with the labor unions.
The meeting included key government figures like the Secretary to the Government of the Federation, George Akume, the Minister of Budget and Economic Planning, Atiku Bagudu, the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, and the Group Managing Director of the NNPC, Mele Kyari. The goal was to align government plans with current economic conditions.
Idris expressed gratitude for the resolution of the strike and highlighted the President’s commitment to ensuring a fair and sustainable new minimum wage that considers both federal and local governments as well as the private sector.
He emphasized that the government supports wage increases but wants any agreement to be realistic and sustainable given the country’s economic situation.
President Tinubu is determined to follow through on the committee’s recommendations and prioritize the welfare of Nigerians. The meeting aimed to balance government promises with economic realities, ensuring all sectors agree on a feasible new wage.
The government is now working with labor leaders and other stakeholders to finalize a new wage structure that is fair and sustainable for everyone involved. With the strike suspended, negotiations resumed on Tuesday, with a focus on reaching an agreement within a week.
