JUST IN: Finance Minister meets deadline, submits new minimum wage template to President Tinubu

The Minister of Finance and coordinating minister of the economy, Wake Edun has submitted new national minimum wage options and projected cost implications to President Bola Tinubu.

On Tuesday, Tinubu directed Edun to present a proposal on new minimum wage figure and analysis of the associated costs within 48 hours.

Edun submitted the report to Tinubu on Thursday at the presidential villa, Abuja.

He was accompanied by Mohammed Idris, the minister of information and national orientation, and Atiku Bagudu, minister of budget and national planning.

According to sources, Edun in the report outlined several potential new minimum wage levels, along with the anticipated fiscal impacts of each option on the federal budget.

This move is a crucial step in the ongoing process of determining a new national minimum wage, which has been a topic of discussion recently.

On Monday, organised labour proposed N615,500 and N494,000 proposed N615,500 and N494,000 as the new national minimum wage, which the government said was unrealistic.

On the same day, the federal government announced that Tinubu had committed to a national minimum wage higher than N60,000 higher than N60,000.

This was one of the key resolutions of the federal government and organised labour following a meeting held in the office of the secretary to the government of the federation on Monday.

Earlier today, members of the tripartite committee, comprising the federal government and labour unions, resumed talks on a new national minimum wage.