The Federal Government on Thursday, 30th November 2023, announced that a new minimum wage regime would come into effect on April 1, 2024.

Idris Mohammed, Minister of Information and National Orientation, stated this while replying to queries from reporters in Abuja, about the 2024-2026 Fiscal Framework budget.

Mohammed stated that the cash award of 35, OOO Naira paid to workers is a palliative to cushion the harsh effects of subsidy removal.

He stated that when the existing pay regime of 30,000 Naira expires at the end of March, Nigerian workers may expect a new salary to begin in April.

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.

Idris Mohammed, Minister of Information and National Orientation

Mohammed further disclosed that the committee is being constituted and the Federal Government is talking to Labour about it.

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.

According to the Minister, the Government will now have a proper salary structure for workers across the country under this wage regime.

He noted that the corporate sector and state governors are expected to abide by the new minimum wage.

According to the Fiscal Framework for 2024-2026, the Federal Government would spend N24.66 trillion on salaries in 2024, 2025, and 2026.

The Federal Government also intends to spend 29.18 percent of its total budgets for 2024, 2025, and 2026 on wages, overhead, and pensions.

Story: Ihuoma Ukeje

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