New Minimum Wage: The Nigerian government has declared that beginning of April 1, 2024, a new minimum wage will be in effect. The current N30,000 minimum salary is set to expire in March 2024, according to a revelation made in Abuja by Minister of Information and National Orientation Idris Mohammed.
In response to inquiries regarding the 2024–2026 Fiscal Framework budget, Mohammed explained that N24.66 trillion was recommended for wages in 2024, 2025, and 2026 by the Federal Government.
Remember that on May 29, 2023, President Bola Tinubu eliminated the fuel subsidy. To mitigate the impact of this decision, the Federal Government promised to provide N35,000 to each of its employees.
Organizing Labour, however, maintained that the N35,000 salary award was only a stopgap solution and that a revision of the minimum wage was necessary in 2024.
It is common knowledge that the national minimum wage will be reviewed by law in 2024, according to Joe Ajaero, National President of the Nigeria Labour Congress.
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Statements from the FG
Mohammed, meanwhile, stressed that the increased take-home pay was intended to replace the short-term emergency solution that the government had put in place to ease the difficulties brought on by the elimination of the fuel subsidy.
“It is true that a new salary structure will take effect on April 1, 2024. This is the reason these palliatives were chosen to mitigate financial stress in the interim. We stated in our negotiations with Labour that there was no simple solution to the pay problem. We also anticipate that a new wage will start in April when the existing wage regime ends at the end of March.
Thanks to this wage system, workers across Nigeria will finally have a fair compensation structure. We anticipate that state governors and the commercial sector will follow suit.
Additionally, the Federal Government intends to set aside 29.18% of its total budgets for 2024, 2025, and 2026 to pay for costs associated with salaries, overhead, and pensions, according to the Fiscal Framework study for 2024–2026.