Federal Gov’t Plans Supplementary Budget To Finance New Minimum Wage

The Federal Government is preparing a supplementary budget for the 2024 fiscal year to support the implementation of a new minimum wage for workers.

This was revealed by the Minister of Information and National Orientation, Mohammed Idris, at the end of the Federal Executive Council (FEC) meeting at the Stats House on Monday.

The development comes as part of ongoing efforts to address the Organised Labour’s concerns and establish a fair wage structure for all Nigerians.

Speaking after the FEC meeting presided over by President Bola Tinubu, Idris revealed that the government has directed the Ministry of Budget and National Planning to develop additional financial support for the 2024 budget.

This move aims to bridge any gap between the previously approved 2024 budget and the requirements of the proposed new minimum wage.

He explained that this would cover any differential or any gap that would exist in terms of what existed before the 2024 budget was approved.

He said, “now, you are also aware that last week, the Nigeria Labour Congress met the President. This, of course, was part of the consultation that the President has agreed.

“Recall that he had met the Organised Sector, he had also met subnationals after the tripartite committee on Labour had submitted its report.

“In order to ensure that there is a thorough analysis of the situation so that government would come up with a minimum wage that works for all Nigerians, federal government, the subnationals and the organised private sector.

“That was also discussed today. And government has also directed the Ministry of Budget to also come up with additional support for the 2024 budget, so that any differential or any gap that will exist in terms of what existed before 2024 budget was approved, a supplementary budget and also what the requirement is for now.

“So, government is working around the clock to ensure that it comes up with a minimum wage, like I said, that works for all Nigerians. At the end of the day, this of course will be submitted to the National Assembly so that you can have legislative backing.”

He also revealed that President Tinubu has been scheduled to meet with the NLC, Trade Union Congress (TUC), and their affiliates on Thursday.

The meeting is expected to be a crucial step in finalizing the new minimum wage proposal before it is submitted to the National Assembly for legislation.

Idris emphasised the government’s determination to resolve the wage issue, stating that government was working around the clock to ensure that it comes up with a new minimum wage that works for all Nigerians.