The Federal Executive Council (FEC) has instructed the Minister of Budget and Economic Planning to prepare an amendment bill for the 2024 Budget, slated for submission to the National Assembly for legislative approval.
This decision, driven by recent fiscal developments such as the impending implementation of a new national minimum wage, was announced by Minister of Information and National Orientation Mohammed Idris following the 8th FEC meeting of 2024, chaired by President Bola Ahmed Tinubu at the State House in Abuja.
According to Minister Idris, President Tinubu will convene a follow-up meeting with organized labor leaders later this week to finalize discussions on the minimum wage issue.
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Following this consultation, the proposed budget amendment bill will be forwarded to the National Assembly for thorough consideration.
Last week, President Tinubu had engaged with organized labor representatives after receiving two separate proposals from the Tripartite Committee on the new National Minimum Wage.
The government and organized private sector proposed N62,000, while organized labor advocated for N250,000. Tinubu pledged to mediate between the stakeholders to achieve consensus before presenting the executive bill to the National Assembly.