New minimum wage begins April 2024, FG votes N24tn for salaries

New minimum wage begins April 2024 FG votes N24tn for salaries

On Thursday, the federal government announced that a new minimum wage policy will take effect on April 1, 2024.

The Minister of Information and National Orientation Idris Mohammed revealed that the present N30,000 minimum salary will stop at the end of March 2024.

Mohammed made this statement on Thursday, the same day that our reporters examined the Fiscal Framework budgets for 2024–2026 and found that the Federal Government will spend N24.66 trillion on wages in 2024, 2025, and 2026.

President Bola Tinubu eliminated the gasoline subsidy on May 29, 2023, and the Federal Government promised to compensate each employee with N35,000 to lessen the impact of the loss of the subsidy.

The N35,000 pay award, however, was seen by organized Labour to be a temporary solution, and they further stated that a reassessment of the minimum wage was necessary in 2024.

After months of talks, the Joint National Public Service Negotiating Council and the Federal Government’s team decided on October 18, 2019, to implement the N30,000 minimum salary.

On Thursday, however, labor groups declared that they had begun negotiations with the federal government, noting that the country’s labor legislation mandates that the minimum wage be reviewed every five years.

“It is open knowledge that the review of the national minimum wage is a matter of the law which is expected to happen in 2024,” stated Joe Ajaero, National President of the Nigeria Labour Congress.

Minister of Information and National Orientation, Mohammed, disclosed that the increased take-home pay was intended to take the place of the short-term palliative measure the government had implemented in order to lessen the suffering brought on by the elimination of gasoline subsidies.

He said, “Certainly, there is a new wage regime that will come in on April 1, 2024. That is why these palliatives were targeted so they would cushion economic hardship before then. In our negotiation with Labour, we said that the wage issue was not something one could just fix. A committee that will also involve Labour itself will work on it.

“The committee is being constituted and we are talking to Labour about it. And by the time this current wage regime expires by the end of March, we will expect that a new wage will begin by April. It is in this wage regime that we will now have a proper salary structure for workers across the length and breadth of Nigeria. We expect that the private sector and state governors will also do the same.”

He said, “By April 1, 2024, the current minimum wage will expire. We have all agreed to set up a national wage negotiation committee, and that the committee should comprise all parties.’’

Also, the Head of Information of the NLC, Benson Upah, in an interview said, “The new minimum wage is to come into effect next year.”

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