Federal Government Reveals When New Minimum Wage Would Be Approved
The Federal Government, on Thursday, disclosed that a new minimum wage for workers would be approved in 2024.
The Minister of Information and National Orientation, Mohammed Idris, revealed this at the end-of-year world press conference in Abuja.
According to Idris, the Federal Government is working with organised labour leaders on the proposed new minimum wage.
The minister, however, did not disclose how much the new minimum wage would be.
He said, “We are finalising the process for payment of a Cash Transfer of N25,000 monthly to 15 million of the poorest and most vulnerable households in Nigeria, for three months (which has already started).
“The Federal Government is also working on a new minimum wage for workers, which will come into effect next year.”
The minister added that the government has also finalised plans for a single-digit interest rate for manufacturing firms across the country, worth N75 billion, while implementation of the proposed student loan scheme would take off in 2024.
He said, “By January 2024, we will be rolling out the new federal student loan programmr that was announced a few months ago. A presidential directive has been given for the release of 200,000 metric tonnes of grains from strategic reserves to households across the 36 states and the Federal Capital Territory to moderate prices, and 225,000 metric tonnes of fertiliser, seedlings and other inputs to farmers.
“Also, an access-to-credit programme for startups and MSMEs, providing N50 billion in Conditional Grants to 1 million nano-businesses across Nigeria between now and March 2024, and a new single-digit interest-rate fund to provide N75 billion to support manufacturing enterprises, among others.
“We have launched the 3MTT programme that aims to develop three million technical talents by 2025, in line with the President’s vision for making Nigeria a global hub for digital jobs.
“Still in line with the jobs agenda, we launched the National Talent Export Programme, to create one million service-export jobs over the next five years, and make Nigeria a global business outsourcing hub.”
He said launching the National Philanthropy Office (NPO) would mobilise $200 million in private investments on behalf of the federal government to support MSMEs in Nigeria.
Idris added that the launch of the Small and Medium Enterprises Development Agency of Nigeria, with Sterling Bank, would establish a five-billion single-digit-interest fund.
The minister stated, “As we stand at the threshold of a new year, the reforms initiated by President Bola Tinubu, across the various sectors of our economy are sowing the seeds of transformative change, and as we enter 2024, we can anticipate the fruits of these efforts beginning to blossom. These reforms are not instantaneous miracles, but deliberate steps towards building a stronger and a more prosperous Nigeria.
“In the economic realm, initiatives aimed at creating jobs, attracting investments, and fostering sustainable growth are taking root. As we move forward, we can expect to witness the tangible outcomes of these efforts, with increased economic opportunities, improved infrastructure, and a business environment conducive to innovation and prosperity.”
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