FG Set To Spend ₦3 Trillion On New Minimum Wage, Pensions, Gratuities
The Federal Government is set to spend N3tn on the new minimum wage and the payment of pensions and gratuities.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Friday during a meeting with the Senate Committee on Appropriations, chaired by Olamilekan Adeola.
The minister presented the general principles of the newly amended 2024 budget to the committee at the meeting.
Recall that President Bola Tinubu had, after a meeting with the leadership of the Nigeria Labour Congress and the Trade Union Congress on Thursday, approved a new minimum wage of N70,000 for Nigerian workers. The president also pledged to review the national minimum wage law every three years.
The National Assembly, in both chambers, had on Wednesday passed for first and second readings an amendment of N6.2tn to the 2024 budget, increasing the budget size to N33.7tn.
In a letter to the Senate, read in plenary by the Senate President, Godswill Akpabio, Tinubu sought the withdrawal of N3.2tn from the Consolidated Revenue Fund for capital expenditure. Additionally, he requested another N3tn for additional recurrent expenditure for the year ending on December 31, 2024.
night stated that its acceptance of the N70,000 minimum wage proposed by Tinubu was an act of solidarity.
The congress made this known in a statement released at the end of its National Executive Council meeting. The statement, which was signed by the National President of the NLC, Joe Ajaero, affirmed that the NLC would continue to defend the rights of Nigerian workers at all times.
The statement read, “NEC-in-session concluded that this decision, though challenging and far from our initial demand, was made in the spirit of solidarity and sacrifice for the Nigerian masses to avert a threatened further hike in the price of petrol, which would inflict more hardship on the already suffering masses.
“Once again, NEC-in-session restates the commitment of the NLC to continue standing resolutely in its mission to defend and advance the rights of Nigerian workers and the Nigerian people at all times.
“It therefore calls on all Nigerians to unite in this cause and to hold our leaders accountable to the same standards of sacrifice and service.”
N70,000 can’t sustain workers in Lagos, says labour
Also, the Lagos State Chapter of the Nigeria Labour Congress has urged the state government to consider the peculiarities of the state when the new N70,000 minimum wage comes into effect.
The state chairman of the NLC, Mrs Funmi Sessi, told the News Agency of Nigeria on Friday in Lagos that the N70,000 minimum wage approved by President Bola Tinubu could not sustain workers in the state.
“We, in Lagos State, still need to negotiate further with the government on issues such as rent, transportation and feeding. The government needs to look critically at our wage and add the ‘Lagos factor’.
“We know that if Ogun, Oyo, Edo, and Ekiti are paying the N70,000 stipulated by law, for Lagos, Kano, Rivers, and Abuja, there will always be that special factor for their allowances.
“So, we use this medium to appeal to our loving and good Governor of Lagos State, Babajide Sanwo-Olu, who is always willing to appreciate the good works of workers and alleviate their sufferings.
“We want to tell the governor that the ‘Lagos factor’ should be considered for the workers in the state. N70,000 is not sustainable for workers residing in the state.
“We will, however, continue to engage and dialogue until what we feel will be best for the workers is achieved,” she said.
