How the proposed minimum wage will affect those earning above N30,000

Nigeria’s President, Muhammadu Buhari, has said that workers who currently earn the sum of N30,000, will also have their salaries reviewed in accordance with the new minimum wage.

The President stated this after he agreed to deliberate on the minimum wage during the inauguration of the Technical Advisory Committee on the proposed new minimum wage.

He also stated his commitment to actualising the minimum wage, noted that it has become necessary irrespective of the country’s fiscal difficulties.

Note that it has been almost a decade since Nigeria’s minimum wage was last reviewed in 2011.

“This is why I constituted the Tripartite Committee of government (federal and states), the Organised Private Sector (OPS) and Labour to consider the national minimum wage and make recommendations to the government for its upward review.

“That committee has since submitted its report with some recommendations. We are currently working on the final steps that will lead to the submission of a National Minimum Wage Amendment Bill to the National Assembly.

“I want to make it clear that there is no question about whether the National Minimum Wage will be reviewed upwards. I am committed to a review of the Minimum Wage.”

The President’s latest stance on this issue is rather surprising seeing as he, last month, advised workers to be content and appreciate the current N18, 000 minimum wage; seeing as there are many unemployed Nigerians that would be glad to earn that.

But despite his change of mind, he is saying now that workers currently earning N30,000 and above to not expect a lot of raise.

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Meanwhile, the sum of N30,000 has been put forward as the benchmark for Nigeria’s new minimum wage. So far, no conclusion has been reached on the matter.

The implementation of the proposed new wage is expected to happen after it has been submitted to the Senate for legislation.

A look at the new Committee 

President Buhari’s newly-created Technical Advisory Committee will help manage the improvements and costs that might arise as a result of the new minimum wage.

Renowned Economist and Financial Expert, Mr Bismarck Rewane, is the head of the committee.

Other members of the committee were drawn from both the private and public sectors. They include the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, former FIRS boss Mrs. Ifueko Omoigui-Okauru, Dr. Ayo Teriba, Prof. Akpan Ekpo and others.

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Author: see naija

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