JUST IN: FG Reveals Date To Start Paying Workers New Minimum Wage, Approves Money For Salaries
The President Bola Tinubu-led Federal Government has declared when a new minimum wage structure will come into effect for the benefit of Nigerian workers.
It stated that the new wage will kick off on April 1, 2024, following the expiration of the current N30,000 minimum wage at the end of March 2024. Idris Mohammed, the Minister of Information and National Orientation, disclosed this in an interview with newsmen in Abuja.
Mohammed stated, “The present N30,000 minimum wage will expire at the end of March 2024.” The 2024-2026 Fiscal Framework budgets reveal that the Federal Government is set to spend N24.66 trillion on salaries in the years 2024, 2025, and 2026.
In response to President Bola Tinubu’s removal of fuel subsidy on May 29, 2023, the Federal Government decided to provide N35,000 to each of its workers to alleviate the impact of the subsidy removal. Organized labour, however, insisted that the N35,000 salary award was a temporary measure, emphasizing the need for a reconsideration of the minimum wage in 2024.
After extensive discussions, an agreement on the implementation of the N30,000 minimum wage was reached between the Federal Government’s team and the Joint National Public Service Negotiating Council on October 18, 2019. Trade unions have now initiated negotiations with the Federal Government, citing the country’s labor legislation, which requires a review of the minimum wage every five years.
