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

The move comes two days after Tinubu directed the finance minister to present a proposed new minimum wage figure and analysis of associated costs to him within 48 hours.

According to sources, Edun’s report outlines various potential new minimum wage levels, along with the anticipated fiscal impacts on the federal budget for each option.

Recall that on Monday, Organized Labour commenced a nationwide strike in demand of a higher minimum wage for government workers and a reversal of the recently increased electricity tariffs.

The industrial action was suspended for five days by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) leadership after signing a commitment with the federal government to resume negotiations and agree on a new minimum wage within a week.

More to follow…