Breaking: Tinubu gets minimum wage cost from Wale Edun

The anticipated expenses of enacting a new national minimum wage have been brought to President Bola Tinubu by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

In his office at the presidential residence in Abuja, Edun and Minister of Budget and National Planning Atiku Bagudu explained to President Tinubu the financial ramifications of the new minimum salary.

Having met with the President, Edun confirmed the submission and assured reporters at State House that “there is no cause for alarm.”

Edun submitted the financial implications after President Tinubu gave him a 48-hour deadline on Tuesday during a meeting with the government negotiating team on the new minimum wage, which was headed by Senator George Akume, the Secretary to the Government of the Federation.

The Group Managing Director and Chief Executive Officer of Nigeria National Petroleum Company Limited, together with the Ministers of Finance, Budget and National Planning, Labour, and Information, were also present at the meeting.

Recall that on Monday organised labour, represented by the Nigeria Labour Congress and Trade Union Congress, went on a national strike to demand that workers be paid more and that the recently raised electricity tariffs be reversed.

But on Tuesday the labour union leadership called off the strike for five days, promising to pick up the pace of talks and produce a new minimum wage in a week.

Details later.