JUST IN: Wale Edun submits minimum wage cost to Tinubu

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

Mr Edun submitted the projected cost followed a 48-hour ultimatum issued to him by President Tinubu on Tuesday.

The order was after Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) negotiation meeting with the government team on the new minimum wage, led by the Secretary to the Government of the Federation, George Akume.

This submission comes in response to a nationwide strike initiated spearhead by NLC and TUC on June 3.

Mr Edun, along with the Minister of Budget and National Planning, Atiku Bagudu, presented the financial implications to President Tinubu at the presidential villa in Abuja. The minister, who confirmed the submission, reassured the public that there is no cause for concern.

Earlier, NRTC reported that the NLC and TUC embarked on a nationwide strike due to the federal government’s failure to enact a new minimum wage and reverse the electricity tariff.

However, the labour union leadership relaxed the strike for one week after signing a commitment with the federal government to resume negotiations and establish a new minimum wage within that week.