New Minimum Wage: FEC Directs Minister to Address Financial Gaps in 2024 Budget

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The Federal Executive Council has instructed the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, to propose additional measures for the 2024 budget to address the financial gaps that will arise from the implementation of the new minimum wage once it is finalised.

 

The Minister of Information, Mohammed Idris revealed this to State House Correspondents after the Council meeting held on Monday at the Council Chambers of the State House, Abuja.

 

Idris also revealed that President Tinubu will reconvene with the leaders of organised labour as a follow-up to last week’s meeting, during which the labour leaders requested seven days to further consult with union members.

 

He noted that last week’s meeting between the President and organised labour was part of the ongoing negotiations with key stakeholders to reach an agreement on the new minimum wage for Nigerian workers.

 

Now, you are also aware that last week, the National Labour Congress met the president. This of course was part of the consultation that the President has agreed.

“Recall that he had met the organized sector, he had also met subnationals after the tripartite committee on Labour had submitted its report.

“To ensure that there is a thorough analysis of the situation so that the government would come up with a minimum wage that works for all Nigerians,  the federal government, the subnationals and the organized private sector. 

 

The Minister added that a thorough analysis of the situation is necessary to allow the government to establish a minimum wage that benefits all Nigerians, including the Federal government, sub-national entities, and the organized private sector.

 

That was also discussed today. And government has also directed the Ministry of Budgets to come up with additional support for the 2024 budget, so that any differential or any gaps that will exist in terms of what existed before the 2024 budget was approved, a supplementary budget and what the requirement is for now” The Minister added.

Consequently, Idris mentioned that the government is tirelessly working to establish a minimum wage that benefits all Nigerians.

 

He added that eventually, the final agreement will inform of the proposal being submitted to the National Assembly to get legislative approval.

 

“So the government is working around the clock to ensure that it comes up with a minimum wage, like I said that works for all Nigerians. At the end of the day, this of course will be submitted to the National Assembly so that it can have legislative backing

“Let me also say that the president is also open to meeting the Nigerian Labour, Trade Union Congress, and all the affiliates. We expect that meeting to be held this coming Thursday.

“So it is expected that the NLC, TUC and all the affiliates as requested by them last week, will meet the president on Thursday. And after which the president will now transmit whatever tie final agreement or what his views are on the tripartite committee report to the National Assembly for legislation”.He added.

 

The Minister reiterated that President Tinubu understands organized labour’s desire to swiftly resolve the minimum wage issue, and the government is committed to addressing and finalizing the matter.

 

“Recall that this was already what the Labour unions requested during their meeting with Mr. President last week. So the President agrees, he knows that the Labour wants to quickly find the lasting solution to the issue of minimum and the government is also assured to put the issue of minimum wage behind it” 

 

CNG Projects

In addition to several food distribution initiatives, the FEC has directed the Presidential Committee on Compressed Natural Gas (CNG) to accelerate its activities.


 This includes increasing the supply of CNG-compatible buses and making conversion kits more widely available to the public.

The government aims to boost the adoption of CNG as an alternative fuel source, reducing the country’s dependence on Premium Motor Spirit (PMS) and supporting Nigeria’s transition to renewable energy.

The Minister also noted that previously approved conversion centres will be significantly upgraded to increase capacity and accessibility for Nigerians seeking to convert their vehicles po

CNG.

 

 

 

 

 

Hauwa Abu

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