Idris Mohammed, the Minister of Information and National Orientation, has disclosed plans to implement a revised minimum wage effective April 1, 2024, marking the conclusion of the existing N30,000 minimum wage by March 2024.
In response to inquiries concerning the 2024–2026 Fiscal Framework budget, Mohammed clarified that the proposed Federal Government expenditure encompassed N24.66 trillion dedicated to salaries, overheads, and pensions for the years 2024, 2025, and 2026.
This decision stems from the aftermath of President Bola Tinubu’s removal of fuel subsidy on May 29, 2023, when the government introduced a temporary palliative measure of paying N35,000 to its workers to alleviate the effects of the subsidy removal. However, the Nigeria Labour Congress National President, Joe Ajaero, asserted that this wage award was a temporary measure, and a minimum wage review was anticipated in 2024.
Mohammed emphasized that the increased remuneration was aimed at substituting the temporary palliative, intending to alleviate economic challenges resulting from the fuel subsidy removal. He highlighted ongoing negotiations with Labour to constitute a committee for the new wage structure. Mohammed asserted that a new wage regime is expected to commence by April, following the expiration of the current wage regime by the end of March.
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Furthermore, the 2024–2026 Fiscal Framework analysis indicates that the Federal Government intends to allocate 29.18% of its budgets for the aforementioned years to cover salaries, overheads, and pensions, underscoring the significance of this revised wage structure for the country’s fiscal planning and expenditure.
This decision not only emphasizes the government’s commitment to addressing economic challenges but also signals the anticipation of a revised salary structure for Nigerian workers effective April 1, 2024, subject to ongoing negotiations with Labour.
