The Nigerian President, Muhammadu Buhari says he will soon send a bill on the proposed National Minimum Wage to the National Assembly.
He announced this on Wednesday, while presenting the 2019 budget proposal to a joint session of the National Assembly.
Let me say something about the minimum wage issue. I am committed to addressing the issue of a new minimum wage and I will be sending a bill to the National Assembly on this. However, in order to avoid a fiscal crisis for the Federal Government, as well as the States, it is important to devise ways to ensure that its implementation does not lead to an increase in the level of borrowing, he said.
The President said he will also set up a Technical Committee that will advise government on how to fund the expected increase in the minimum wage of workers.
I am accordingly setting up a High Powered Technical Committee to advise on ways of funding an increase in the minimum wage, and the attendant wage adjustments, without having to resort to additional borrowings.
The work of this Technical Committee will be the basis of a Finance Bill which will be submitted to the National Assembly, alongside the Minimum Wage Bill. In addition, the Technical Committee will recommend modalities for the implementation of the new minimum wage in such a manner as to minimize its inflationary impact, as well as ensure that its introduction does not lead to job losses, he said.
Source: Voice of Nigeria