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Wale Edun presents the cost of the minimum wage to Tinubu

The Minister of Finance and Coordinating Minister of Economy, Wale Edun, has presented to President Bola Tinubu the projected cost implications of implementing a new national minimum wage.

Edun, together with the Minister of Budget and National Planning, Atiku Bagudu, presented to President Tinubu the economic implications of the new minimum wage at his office in the presidential villa, Abuja.

Speaking with correspondents from the House of Representatives after meeting with the President, Edun verified the presentation and assured that “there is no cause for alarm.”

Edun’s presentation of the cost implication follows a 48-hour ultimatum given to him by President Tinubu on Tuesday during a meeting with the government negotiating team on the new minimum wage headed by the Secretary to the Government of the Federation, the Senator George Akume.

Other members of the team who attended the meeting were the Ministers of Finance, Budget and National Planning, Labor and Information, as well as the Group Managing Director and Chief Executive Officer of Nigeria National Petroleum Company Limited.

Recall that unions, including the Nigerian Labor Congress and the Trade Union Congress, had embarked on a nationwide strike on Monday to demand an increase in the minimum wage for workers and the reversal of the recent increase in electricity tariffs.

However, the union leadership suspended the strike for five days on Tuesday after signing a commitment with the Federal Government to resume negotiations and agree on a new minimum wage within a week.

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