New Minimum Wage: FG Allots N160B For Increase In Workers Salaries

New Minimum Wage: FG Allots N160B For Increase In Workers Salaries

Due to the proposed increase in minimum wage, the Federal Government has allocated N160 billion that would fix the changes in its 2019 budget.

The stated figured was marked out in 2019 Budget which President Muhammadu Buhari presented to the National Assembly.

An analysis of the 2019 budget shows that N4.04tn goes for recurrent expenditure, N2.03tn for capital expenditure while debt servicing takes N2.14tn making a total of N8.83tn.

As seen in the budget N160bn was earmarked for balancing the probable adjustments from increased wages and salaries in different Ministries, Departments, and Agencies of the government.

Senator Udo Udoma, the Minister of Budget and National Planning, maintained the Federal Government was poised to increase the minimum wage.

The Minister made the remark during the public presentation of the 2019 budget informing of necessary provisions made towards an increase in wage in the 2019 Budget.

He said, “Government committed to an increase in the Minimum Wage. Provision has been made for this in the 2019 budget.”

Speaking further, Udoma said, “A High-powered Technical Committee has been set up to advise on ways to ensure that the attendant wage adjustments for those already over the minimum wage can be funded without increasing the level of borrowing.

“The committee is also to advise on ways to implement these consequential adjustments in such a manner as to minimise their inflationary impact.

“The recommendations of the committee will be captured in the Finance Bill to be presented to the National Assembly together with the Minimum Wage Bill.”

Posted by newstracker

Head of content, Nigeria News Update, serial blogger and tech enthusiast. Some of my best times are when I put my thoughts into writing. An Afrobeat advocate.

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