Federal Government Allocates N3 Trillion For New Minimum Wage, Pensions, And Gratuities…READ FULL ARTICLE...READ THE FULL ARTICLE HERE ▶▶
The Federal Government is poised to allocate N3 trillion towards implementing the new minimum wage and covering pension and gratuity payments, as revealed by Minister of Budget and Economic Planning, Atiku Bagudu, during a session with the Senate Committee on Appropriations chaired by Olamilekan Adeola………
This announcement follows President Bola Tinubu’s approval of a N70,000 minimum wage for Nigerian workers, agreed upon after consultations with the Nigeria Labour Congress and the Trade Union Congress. Tinubu also committed to periodic reviews of the national minimum wage law every three years.
The National Assembly recently passed amendments to the 2024 budget, increasing its size to N33.7 trillion. This included a request from Tinubu for N3.2 trillion from the Consolidated Revenue Fund for capital expenditure and an additional N3 trillion for recurrent expenditure for the fiscal year.
During the meeting, Bagudu clarified that the budget adjustments would be financed through existing reserves rather than loans. He underscored the prioritization of projects aimed at enhancing infrastructure, emergency response capabilities, and road accessibility for economic growth. Bagudu praised Tinubu’s initiative in addressing the country’s infrastructure deficit and affirmed ongoing government efforts to approve funding for further infrastructure projects.
The Senate Committee on Appropriations expressed confidence in the government’s fiscal capacity for the 2024 budget and requested detailed breakdowns of the approved funds, which will undergo thorough scrutiny by relevant Senate committees in the coming sessions. Key allocations include the N3 trillion recurrent budget, earmarked for minimum wage, pensions, and gratuities, alongside the N3.2 trillion allocated for critical road infrastructure projects nationwide, including coastal roads, the Sokoto-Badagry road, railway expansions, and dam irrigation schemes….READ FULL ARTICLE
