Officials at The Presidency have requested a princely sum of N1.8 Billion for the inauguration and operation of the Tripartite Committee on the New Minimum Wage. The 37-member committee is made up of members of the organised labour, the private sector and the federal and state governments. It was inaugurated on January 30, 2024 and will operate for just about two months, as the new minimum wage is scheduled to take effect from April 1.

The budget was, however, scaled down to a Billion Naira by Secretary to the Government of the Federation (SGF), Sen. George Akume, who requested for President Bola Tinubu’s approval via a January 18 Memo.

A copy of the document sighted by News Express reads:

“Mr. President,

“REQUEST FOR APPROVAL OF FUNDS AND INAUGURATION OF TRIPARTITE COMMITTEE

“This memorandum seeks your approval for the following in respect of the above subject matter:

“i. The release of the sum of One Billion Naira (N1,000,000,000.00) only for the above exercise. This has been scaled down from N1.8Billion.

“ii. The 26^thJanuary, 2024 for the inauguration of the Committee. All relevant documents are hereby attached.

“2. The New Minimum Wage is expected to be ready by 1^stApril, 2024 according to Law.

“3. Respectfully submitted for Mr. President’s consideration and approval, Sir.”

Minuting on the Memo on January 22, President Tinubu wrote: “SGF Start with N500mils”.

Reacting to a News Express enquiry, a Presidency official said earlier today, February 9, 2024: “You can see the import of the approval. The President feels even 1billion is too much and said they should start with 500m. If there is legitimate need to spend more it will be considered on its merit.”

The current minimum wage of N30,000 a month is generally considered poor in view of inflationary trends and Labour is demanding upwards of N200,000 effective April 1.