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FG to spend N3 trillion on the new minimum wage, pensions, and gratuities.

By: Adisa Deborah

Atiku Bagudu, Minister of Budget and Economic Planning, revealed during a meeting with the Senate Committee on Appropriations, chaired by Olamilekan Adeola, that the Federal Government will spend N3 trillion on the new minimum wage, pensions, and gratuities.

 

The National Assembly approved a modification to the 2024 budget, raising its amount to N33.7 trillion. President Bola Tinubu recommended that N3.2 trillion be withdrawn from the Consolidated Revenue Fund for capital spending and another N3 trillion for recurrent expenditure in the fiscal year ending December 31, 2024.

 

Senators Adamu Aliero and Adams Oshiomhole endorsed proposals to fund the minimum wage for workers, underlining the importance of legislative backing to avoid financial deficits. The Senate Appropriations Committee authorized new budget additions funded by reserved profits. Priority was given to road-related projects for investments and emergencies, with other road projects addressed in the following batches. The Federal Executive Council will continue to authorize funds for further road projects as they become available. The 2024 budget will be debated in both chambers of the National Assembly.

 

The Nigeria Labour Congress (NLC) has embraced the proposed N70,000 minimum wage as a show of solidarity, pledging to continue to fight for Nigerian workers’ rights. The NLC’s statement, signed by Joe Ajaero, the National President of the NLC, reaffirmed the organization’s commitment to defending and advancing the rights of Nigerian workers. However, the Lagos State Chapter of the NLC, chaired by Funmi Sessi, has urged the state government to consider the state’s unique circumstances when the new salary goes into effect.

 

Workers at Ogun, Oyo, Edo, and Ekiti, Lagos State are subject to a special factor allowance while earning the N70,000 minimum wage. They are pleading with Governor Babajide Sanwo-Olu to recognize the ‘Lagos factor’ for sustainable allowances, advocating dialogue and development.