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Fg's Personnel Says "It's Cost To Hit Over N8trn As N 70,000 Minimum Wage - Business - Nairaland

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Fg's Personnel Says "It's Cost To Hit Over N8trn As N 70,000 Minimum Wage by Flemzyjay(m): 6:48pm On Jul 24
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The N70,000 new minimum wage which was proposed by President Bola Tinubu and approved by the National Assembly would push the wage bill of the federal government higher to over N7.97tn.

Recall that the Minister of Budget and National Planning, Atiku Bagudu, had said that the minimum wage would gulp N3trn.

In separate communications to the Senate and the House of Representatives, the President had called for swift consideration of a bill to amend the National Minimum Wage Act,2019.

Responding to the President’s request, THE WHISTLER reports that Senate President, Godwill Akpabio read out the intent of the bill and ruled for its approval.

Akpabio had said, “Distinguished colleagues, a bill to amend the National Minimum Wage Act 2019 and to increase the national minimum wage from N30,000 to N70,000 and review the time for periodic review of the national minimum wage from years to 3 years and related matters 2024.

In a unanimous vote after a clause consideration in the Committee of the Whole, the National Minimum Wage Bill scaled third reading and was passed at the Senate. The House also passed the bill immediately just like the Senate.

With the approval, the wage bill may push up the current N4.97tn personnel cost 2024 budget of the federal government to N7.97tn.

Further analysis showed that the N7.97tn wage bill almost doubled the federal government total budget for health, education and works.

The 2024 budget put the federal government’s spending on education at N2.18tn, health at N1.33tn and works N1.32tn.

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