Business News

New minimum wage to start In April 2024 – Information Minister 

The Nigerian Government has announced that a revised minimum wage will be implemented starting April 1, 2024. 

Idris Mohammed, the Minister of Information and National Orientation, revealed in Abuja that the existing minimum wage of N30,000 is slated to end by March 2024. 

Responding to queries about the 2024–2026 Fiscal Framework budget, Mohammed clarified that the Federal Government’s proposed expenditure included N24.66tn for salaries in 2024, 2025, and 2026. 

Recall that following the removal of fuel subsidy by President Bola Tinubu on May 29, 2023, the Federal Government agreed to pay N35,000 to each of its workers to cushion the effect of the subsidy removal. 

However, the organised Labour insisted that the N35,000 wage award was a temporary measure, adding that the minimum wage should be reviewed in 2024. 

Meanwhile, Mohammed, emphasized that the enhanced take-home pay aimed to substitute the temporary palliative measure implemented by the government to alleviate the challenges resulting from the removal of the fuel subsidy. 

He said,  

Moreover, in the 2024–2026 Fiscal Framework analysis, it is revealed that the Federal Government aims to dedicate 29.18% of its overall budgets for 2024, 2025, and 2026 to cover expenditures related to salaries, overheads, and pensions.