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By Nasir Kura
President Muhammadu Buhari said on Wednesday that that he would soon send a new National Minimum Wage Bill to the National Assembly for the consideration of lawmakers and passage into law.
The President said this while presenting the N8.83 2019 budget estimates at a joint session of the National Assembly in Abuja.
“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 government would set up what he referred to as “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.
