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Federal Gov’t Plans Supplementary Budget To Finance New Minimum Wage
The Federal Government is preparing a supplementary budget for the 2024 fiscal year to support the implementation of a new minimum wage for workers.
This was revealed by the Minister of Information and National Orientation, Mohammed Idris, at the end of the Federal Executive Council (FEC) meeting at the Stats House on Monday.
The development comes as part of ongoing efforts to address the Organised Labour’s concerns and establish a fair wage structure for all Nigerians.
Speaking after the FEC meeting presided over by President Bola Tinubu, Idris revealed that the government has directed the Ministry of Budget and National Planning to develop additional financial support for the 2024 budget.
This move aims to bridge any gap between the previously approved 2024 budget and the requirements of the proposed new minimum wage.
He explained that this would cover any differential or any gap that would exist in terms of what existed before the 2024 budget was approved.
He said, “now, you are also aware that last week, the Nigeria Labour Congress met the President. This, of course, was part of the consultation that the President has agreed.
“Recall that he had met the Organised Sector, he had also met subnationals after the tripartite committee on Labour had submitted its report.
“In order to ensure that there is a thorough analysis of the situation so that government would come up with a minimum wage that works for all Nigerians, federal government, the subnationals and the organised private sector.
“That was also discussed today. And government has also directed the Ministry of Budget to also come up with additional support for the 2024 budget, so that any differential or any gap that will exist in terms of what existed before 2024 budget was approved, a supplementary budget and also what the requirement is for now.
“So, government is working around the clock to ensure that it comes up with a minimum wage, like I said, that works for all Nigerians. At the end of the day, this of course will be submitted to the National Assembly so that you can have legislative backing.”
He also revealed that President Tinubu has been scheduled to meet with the NLC, Trade Union Congress (TUC), and their affiliates on Thursday.
The meeting is expected to be a crucial step in finalizing the new minimum wage proposal before it is submitted to the National Assembly for legislation.
Idris emphasised the government’s determination to resolve the wage issue, stating that government was working around the clock to ensure that it comes up with a new minimum wage that works for all Nigerians.
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Obasanjo narrates how he escaped becoming drug addict
Former President Olusegun Obasanjo has revealed how he almost became a drug addict.
He spoke in Abeokuta over the weekend at the second edition of ‘Fly Above The High’ anti-drug campaign conference organised by the Recovery Advocacy Network.
Obasanjo stated that smoking during his youthful age led to chronic coughing and almost became an addiction.
The former President, while lamenting the increase in drug abuse among Nigerians and other West Africans, urged Nigerian students and young people to refrain from abusing psychoactive drugs, saying that they ruin life rather than enhance it.
“If I had persisted, I could have become addicted. Once you get involved, it is difficult to get out.
“There’s nothing drug can do for you except destruction.
“We found out that West Africa has equally been a centre for drug consumption in a very bad way. That was more than 10 years ago, so the situation has since gone worse. And whatever applies to West Africa applies to all other parts of Africa,” Obasanjo said.
He cautioned against stigmatization and urged individuals who are already addicted to psychoactive drugs to get help.
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We saved $20bn after Petrol Subsidy Removal and FX Rate Reforms, Says Finance Minister
Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from petrol subsidy removal and market-based pricing of the foreign exchange rate.
Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.
“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on PMS; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.
“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”
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