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Nigeria’s Finance Minister Proposes N105,000 Monthly Minimum Wage in New Template Submission

June 6, 2024

 

 

 

In a decisive move to address the ongoing labor unrest, the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has presented a new minimum wage template to President Bola Tinubu, meeting the stringent 48-hour deadline.

This submission follows closely on the heels of a recent report by PUNCH Online, which indicated that Mr. Edun had submitted the projected cost implications of implementing a new national minimum wage to the President. The proposal, developed in collaboration with the Minister of Budget and National Planning, Atiku Bagudu, was formally presented to Tinubu at the Presidential Villa in Abuja.

According to the Western Post, the new minimum wage proposal suggests an increase to N105,000 (approximately $220) per month for Nigerian workers. This marks a significant step towards addressing the financial demands of the labor force amidst rising economic challenges.

President Tinubu is currently reviewing the proposal, with an official announcement anticipated in the near future.

This development comes in the wake of a recent strike by labor unions, which commenced on Monday after an unsatisfactory meeting with the National Assembly leadership. The strike led to widespread disruption of economic activities across the nation, with international airports, schools, courts, banks, and hospitals shutting down operations.

The organized labor, comprising the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), suspended their strike for five days on Tuesday. This temporary suspension aims to provide room for negotiations and potential resolution following the submission of the new minimum wage template.

The government’s swift action in addressing the labor unions’ demands reflects its commitment to mitigating economic disruptions and ensuring the welfare of Nigerian workers. As the nation awaits President Tinubu’s decision, the proposed wage increase is seen as a crucial step towards stabilizing the economic landscape and fostering industrial harmony.

 

Credit: Punch

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