Finance minister presents new minimum wage options with cost analysis to Tinubu

Business a.m.

Wale Edun, minister of finance and coordinating minister of the Economy, has submitted a report to President Bola Tinubu, outlining the projected financial implications of a new national minimum wage.

Prior to the development, President Tinubu had issued a decisive 48-hour deadline to  the minister for a presentation of  the proposed new national minimum wage figure and an in-depth analysis of the associated costs.

Staying true to the president’s directives, Minister Edun, accompanied by Atiku Bagudu, minister of budget and national planning, and Mohammed Idris, minister of information and national orientation, presented the required report within the allotted timeframe to the president at the Presidential Villa, Abuja. 

The report is understood to present a range of potential new minimum wage levels, together with a breakdown of the expected fiscal implications on the federal budget for each proposed option. It also marks a significant milestone in the ongoing process of setting a new national minimum wage, which has been a matter of increasing focus within the Nigerian political and economic environments.

As the debate on the new national minimum wage reaches a critical juncture, President Tinubu is expected to carefully assess the cost implications analysis provided by his minister, paving the way for a decisive announcement on the pressing matter.