The Nigerian government on Thursday gave an update on the implementation of the new National Minimum Wage.
Mrs Zainab Usman, the Minister of Finance, said that the financial implications had been worked out by the Presidential Committee set up and that the report had been submitted to the president.
She said this on Thursday in Abuja, while addressing a news conference on the state of the Nigerian economy.
“We have looked at the report and what we are working on now is how we can finance it”, NAN quoted her as saying.
“Apart from the increase of the minimum wage from N18, 000 to N30, 000, there is also consequential adjustment that we have to negotiate with the labour unions.
“The total implication of that would be worked out only after the negotiations and that would involve determining how much increase every other staff that is above the minimum wage would get.
“It could be a flat amount or a proportion, but the other aspect that is clear is that there would be an increase for the National Youth Service Corps (NYSC) as well because by the Act they should earn at least the minimum wage and the NYSC also has to increase to that N30, 000.
“So, because we have not done the negotiation with labour, I cannot give you the details of what we are projecting because it is simply on projections, at the end of the day, it is what we agree with labour that will be the amount that is due.”
On the issue of debt increase from N12.2 trillion to N23.0 trillion, Usman said it was by design.