The Minister of Information and National Orientation, Mohammed Idris has disclosed that the N494,000 new minimum wage proposed by the organized labour is unsustainable and could cripple Nigeria’s economy.
The minister said this during a press conference in Abuja.
According to him, they had agreed to increase the country’s minimum wage by 100 percent to N60,000 from N30,000, insisting that going otherwise would result to a N9.5 trillion expenditure burden to the government.
The Minister explained that labour’s N494,000 minimum wage demand will make the federal government offload its workforce, expressing concerns over labour’s proposal.
“The sum of N494,000 national minimum wage which Labour is seeking would cumulatively amount to the sum N9.5 trillion bill to the Federal Government of Nigeria.
“Nigerians need to understand that whereas the FG is desirous of ample remuneration for Nigerian workers, what is most critical is that President Bola Ahmed Tinubu will not encourage any action that could lead to massive job loss, especially in the private sector, who may not be able to pay the wage demanded by the Organised Labour,” he said.
Following the Minister’s remarks, recall that President Bola Tinubu had on January 1 signed the 2024 N28.7 trillion appropriation bill with projected revenue of N19.7 trillion and a budget deficit of N10 trillion.
saharandaily