Current news about nigeria new minimum wage

Here are some current news updates about the new minimum wage in Nigeria:

Latest Development:

• The Nigerian Senate has approved the new minimum wage of N30,000 (approximately $82) per month for federal workers, effective from April 18, 2020. (Source: Vanguard News)
• The House of Representatives has also approved the new minimum wage, with a slight variation, proposing N32,000 (approximately $88) per month. (Source: Premium Times)

Background:

• In October 2019, President Muhammadu Buhari signed the new minimum wage bill into law, increasing the minimum wage from N18,000 (approximately $50) to N30,000 (approximately $82) per month.
• The new minimum wage was a result of a long-standing demand by workers and labor unions, who had been pushing for an increase in the minimum wage to reflect the rising cost of living in Nigeria.

Implementation:

• The implementation of the new minimum wage has been slow, with some states and federal agencies yet to comply with the new wage structure.
• The Federal Inland Revenue Service (FIRS) has announced that it will deduct 10% of the new minimum wage as tax, which has raised concerns among workers. (Source: The Punch)

Reactions:

• The Nigeria Labour Congress (NLC) has welcomed the approval of the new minimum wage, but has expressed concerns about the slow implementation and the proposed tax deduction. (Source: Leadership Newspaper)
• The Academic Staff Union of Universities (ASUU) has also commended the approval of the new minimum wage, but has called for a review of the university funding formula to ensure that the new wage is reflected in the salaries of university lecturers. (Source: The Nation)

Impact:

• The new minimum wage is expected to have a positive impact on the economy, as it will increase the purchasing power of workers and stimulate economic growth.
• However, some experts have warned that the new wage may lead to inflation and increased costs for businesses, which could have negative consequences for the economy. (Source: BusinessDay)

I hope this information is helpful!