President Bola Tinubu will engage in further consultations before making a final decision on the new national minimum wage for Nigerian workers, according to Mohammed Idris, Minister of Information and National Orientation.
The announcement came after the Federal Executive Council (FEC) meeting in Abuja on Tuesday.
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Idris revealed that the report from the tripartite committee on the new wage was presented and deliberated upon during the FEC meeting.
However, it was set aside to allow the President to consult more extensively, particularly with state governors and the organized private sector.
“We discussed the new minimum wage issue at the council meeting. The new national minimum wage involves not just the federal government but also the state governments, local governments, and the organized private sector. The memo was stepped down to enable Mr. President to consult further, especially with the state governors and organized private sector,” Idris stated.
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The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, also briefed the council on government finances and debts, emphasizing the importance of managing the country’s financial exposure in dollar terms.
“When we interrogate the figures over the first quarter of this year, starting from the middle of December 2023 to the end of March this year; if we want to be positive, what we will say is that the glass is half full. The total debt stock of Nigerians in dollar terms fell by 15 per cent, which is very positive. Any rating agency, creditor, or investor looking at that will see it as a positive move,” Edun said.
He noted that despite the fall in dollar-denominated debt, the exchange rates increased by 8 trillion, and the total external and domestic debt in Naira terms had risen by 25 per cent.
Edun stressed the government’s focus on ensuring robust revenue collection using technology and implementing stringent debt and expenditure controls.
“We are implementing expenditure controls, also very ably empowered by technology. Mr. President inherited a legacy of N3.4 trillion in outstanding ways and means which have been securitized on the eve of his administration. We are conducting a forensic audit of that figure because it’s a liability on which we have to pay interest,” Edun explained.
In the healthcare sector, Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, announced that the council approved significant upgrades to key infrastructure.
This includes the engagement of a transaction adviser for a public-private partnership to expand and modernize six teaching hospitals.
The hospitals include the University of Nigeria Teaching Hospital, Enugu, and University College Hospital, Ibadan, among others.
Pate also provided updates on ongoing disease outbreaks, particularly Cholera and yellow fever, with efforts coordinated by the National Centre for Disease Control in collaboration with state authorities.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, announced the procurement of Mikano CNG vehicles for the National Drug Law Enforcement Agency (NDLEA) and two full-body scanners for Lagos and Abuja International airports.
Minister of Works David Umahi updated the council on road projects across the country, assuring that most ongoing construction and rehabilitation projects would be completed by October.
