Tinubu receives new minimum wage template, as Labour weighs option 

Finance Minister Wale Edun has submitted a new minimum wage template and its implication to the Treasury of the federal government to President Bola Tinubu.

 

Edun submitted the document earlier on Thursday following a 48-hour ultimatum issued to him to make 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.

 

Sources say Labour is pushing for at least N100,000 as the new minimum wage, but the federal government doesn’t want to go beyond N70,000.

 

Analysts say if the two parties settle for N70,000 as the new minimum wage, it will translate to a 135% increment in the federal government wage bill. 

 

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.

 

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Another of the labour demand was the reversal of the recently increased electricity tariffs.

 

 

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.