The Federal Government announced on Thursday that a new minimum wage regime will take effect on April 1, 2024.
Idris Mohammed, Minister of Information and National Orientation, stated in an interview with newsmen in Abuja that the present N30,000 minimum wage would expire at the end of March 2024.
According to the analysis of the 2024-2026 Fiscal Framework budgets, the Federal Government will spend N24.66 trillion on salaries in 2024, 2025, and 2026.
Following President Bola Tinubu’s removal of fuel subsidy on May 29, 2023, the Federal Government decided to provide N35,000 to each of its workers to mitigate the consequences of the subsidy removal.
However, organized labour stated that the N35,000 salary award was merely a stopgap solution, adding that the minimum wage should be reconsidered in 2024.
After months of discussions, the Federal Government’s team and the Joint National Public Service Negotiating Council reached an agreement on the implementation of the N30,00 minimum wage on October 18, 2019.
However, trade unions stated on Thursday that they had begun negotiations with the Federal Government, stressing that the country’s labour legislation requires that the minimum wage be reviewed every five years.
New wage commences in April as FG approves N24tn for salaries