New Minimum Wage To Start In April 2024 — FG
The Federal Government on Thursday said a new minimum wage regime would come into effect on April 1, 2024
A new minimum wage will be imposed by the federal government on April 1, 2024.
It was revealed on Thursday, November 30, in Abuja, by Idris Mohammed, the Minister of Information and National Orientation.
Mohammed said that as of the end of March 2024, the current N30,000 minimum salary would lapse.
Mohammed revealed that the current N30,000 minimum wage would cease to exist at the end of March 2024.
He stated that N24.66 trillion would be spent on salaries by the Federal Government in 2024, 2025, and 2026.
Remember that the Federal Government promised to give N35,000 to every employee once President Bola Tinubu eliminated the gasoline subsidy on May 29, 2023, in order to offset the impact of the move.
“Certainly, there is a new wage regime that will come in on April 1, 2024.
“That is why these palliatives were targeted so they would cushion economic hardship before then. In our negotiation with Labour, we said that the wage issue was not something one could just fix. A committee that will also involve Labour itself will work on it.
“The committee is being constituted and we are talking to Labour about it. And by the time this current wage regime expires by the end of March, we will expect that a new wage will begin by April. It is in this wage regime that we will now have a proper salary structure for workers across the length and breadth of Nigeria. We expect that the private sector and state governors will also do the same,” he said.
The N35,000 salary award, according to organized Labour, is only a temporary solution, and a review of the minimum wage is due in 2024.
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