FEC Directs Budget Minister to Address Financial Gaps for New Minimum Wage in 2024 Budget

The Federal Executive Council (FEC) has tasked the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, with proposing additional measures for the 2024 budget to address the financial gaps anticipated from the implementation of the new minimum wage once finalized. This directive was revealed by Minister of Information, Mohammed Idris, during a briefing with State House correspondents following the Council meeting on Monday at the State House in Abuja.

Idris also announced that President Bola Ahmed Tinubu will reconvene with organized labour leaders as a follow-up to last week’s discussions. During that meeting, labour leaders requested a seven-day period for further consultation with union members. The ongoing negotiations are aimed at reaching an agreement on a new minimum wage for Nigerian workers.

“Last week, the National Labour Congress met with the president as part of the consultation process. The President has agreed to meet with various stakeholders, including the organized sector and subnational entities, following the tripartite committee on Labour’s report submission,” Idris noted. This thorough analysis is intended to ensure the establishment of a minimum wage that is beneficial for all Nigerians, including federal and sub-national governments, as well as the organized private sector.

Idris elaborated that the Ministry of Budget has been instructed to incorporate additional support measures into the 2024 budget. This includes addressing any discrepancies between the previously approved budget and the financial requirements necessitated by the new minimum wage.

The government is committed to working around the clock to develop a minimum wage structure that works for all Nigerians. Upon reaching a final agreement, a proposal will be submitted to the National Assembly for legislative approval.

President Tinubu is also expected to meet with the Nigerian Labour Congress (NLC), Trade Union Congress (TUC), and their affiliates on Thursday to further discuss and finalize the minimum wage issue. Idris emphasized that President Tinubu understands the urgency from organized labour to swiftly resolve the minimum wage matter and is dedicated to addressing and concluding this issue.

In addition to these developments, the FEC has directed the Presidential Committee on Compressed Natural Gas (CNG) to expedite its activities. This includes increasing the supply of CNG-compatible buses and making conversion kits more accessible to the public, aiming to reduce the country’s dependence on Premium Motor Spirit (PMS) and support Nigeria’s transition to renewable energy. The Minister noted that previously approved conversion centres will be significantly upgraded to enhance capacity and accessibility for Nigerians seeking to convert their vehicles to CNG.

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