Minimum wage: Federal government to introduce amendment to 2024 Budget – FEC

The Federal Executive Council (FEC) has mandated the Minister of Budget and Economic Planning to come up with an amendment bill to the 2024 Budget to be presented to the National Assembly for legislation.

The planned amendment to the national budget, it was explained, became necessary as a result of new fiscal developments, including the impending new national minimum wage.

Minister of Information and National Orientation, Mohammed Idris, disclosed this to journalists after the 8th FEC meeting of 2024, presided over by President Bola Ahmed Tinubu at the State House, Abuja.

According to the minister, President Tinubu is expected to hold a follow-up meeting with leaders of the organised Labour on Thursday this week, after which the proposed amendment bill to the budget would be passed on to the National Assembly for consideration.

It would be recalled that President Tinubu had met with the leadership of the organized labour on Thursday last week over the minimum wage issue.

The Tripartite Committee of the new National Minimum Wage had submitted two separate figures to the President following the disagreement among the different stakeholders.

While the government team and the organized private sector had offered N62,000, the organized labour made a demand of N250,000.

President Tinubu upon the receipt of the committee’s report, had promised to meet with the relevant stakeholders to harmonize the figure before transmitting the executive bill to the National Assembly.