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

Edun, alongside the Minister of Budget and National Planning, Atiku Bagudu, submitted the minimum wage cost to Tinubu at the Presidential Villa in Abuja on Thursday, June 6, 2024.

Speaking with State House correspondents after the meeting, the finance minister said: “There is no cause for alarm.”

The president had, on Tuesday, June 4, directed Edun to present the cost implications for a new minimum wage within two days.

Labour suspends nationwide strike

Tinubu gave the directive at a meeting with the government negotiation team led by the Secretary to Government of the Federation (SGF), George Akume, at the State House.

The directive was given a few hours after the Organised Labour comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) suspended the strike embarked upon over a new minimum wage and the hike in electricity tariff.

The Labour suspended the strike for about one week.

The industrial action was suspended after the federal government declared its readiness to offer higher than the N60,000 national minimum wage it proposed to the tripartite committee deliberating on the issue.

The Star