In a significant development aimed at bolstering economic stability and ensuring welfare enhancement for Nigerian workers, the Federal Government has announced plans to allocate three trillion naira towards implementing the new minimum wage, and the payment of pensions and gratuities.
This disclosure was made by the Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, during a crucial meeting with the Senate Committee on Appropriations, chaired by Senator Olamilekan Adeola. The meeting was convened to present the foundational principles of the newly amended 2024 budget.
President Bola Tinubu had recently approved an increment in the minimum wage to N70,000 for Nigerian workers, coupled with a commitment to review the national minimum wage law every three years. This decision reflects the government’s dedication to improving the standard of living for workers amidst economic challenges.
The National Assembly, in response to the President’s directives, swiftly passed amendments amounting to N6.2 trillion to the 2024 budget, thereby increasing the total budget size to N33.7 trillion. This augmentation underscores the government’s responsiveness to evolving economic realities and the need to cater to critical sectors.
Addressing concerns about funding, Minister Bagudu clarified that the additional budget provisions would not be financed through loans but from existing reserves. He emphasized that priority would be given to projects aimed at enhancing infrastructure, particularly those that facilitate investments and respond to emergencies.
Furthermore, Alhaji Bagudu highlighted that subsequent budget batches would address comprehensive infrastructure projects, ensuring sustainable development across various sectors.
The commitment by the Federal Government to allocate N3 trillion towards implementing the new minimum wage, pension payments, and gratuities underscores its proactive approach to socio-economic reform and its commitment to the welfare of Nigerian citizens.
