Today, Thursday, is scheduled to bring the much-awaited announcement of the national minimum wage. At the Presidential Villa, President Bola Ahmed Tinubu will meet with organized labor.
The president and labor leaders will conclude negotiations on the new minimum wage at the meeting, which is a follow-up to the conversation from last week. Labor is sticking at N250,000 despite the Federal Government’s proposal of N62,000, citing current economic conditions.
Both sides had the opportunity to voice their opinions last week, and President Tinubu urged labor to take into account the resources that are available. In an effort to steer clear of controversy, the President also proposed reviewing the minimum wage every two or three years as opposed to the existing five-year cycle.
The Minister of State for Labour and Employment, Nkeiruka Onyejiocha, described the previous meeting as “fruitful” and a “family discussion.” NLC President Joe Ajaero confirmed that all parties openly discussed the new wage policy but did not delve into specific figures.
Meanwhile, President Tinubu has requested the Senate amend the Appropriation Act, 2024, to increase capital expenditure by N3.2 trillion and recurrent expenditure by N3 trillion.
President Tinubu had on Wednesday, through a letter, requested the Senate amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget by N6.2 trillion.
Tinubu, in the letter addressed to the Senate President, Senator Godswill Akpabio, said the move was pursuant to Section 58, sub-section 2, of the constitution of the Federal Republic of Nigeria 1999, as amended.
The letter reads in part: “I forward herewith the above bills for consideration and passage by the Senate.
“The Appropriation Act Amendment Bill 2024 seeks to amend the principal act to provide the sum of N3.2 trillion for Renewed Hope infrastructure projects and other critical infrastructure projects to be undertaken across the country.
“And the sum of N3 trillion to meet further recurrent expenditure requirements necessary for the proper operation by the Federal Government expenditure, which are to be funded by expected revenue accruing to the Federal Government of Nigeria.”
