The Technical Advisory Committee on Implementation of the National Minimum Wage has presented its report to President Muhammadu Buhari.
The President received the report, which was presented by Bismarck Rewane, Chairman of the committee and Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, on Monday at the Council Chamber of the Presidential Villa in Abuja.
After receiving the document, he promised to "work expeditiously" on it.
"On 9th January, 2019, I inaugurated the Presidential Technical Advisory Committee on the Implementation of the National Minimum Wage (PTAC). The PTAC was mandated to advise Government on how best to fund, in a sustained manner, the additional costs of implementing the imminent increase in the National Minimum Wage," he said.
"You were also asked to advise on the consequential increases in salaries and allowances for other employees, without worsening our already difficult fiscal condition, and without adversely impacting the nation’s development goals as set out in the Economic Recovery and Growth Plan (ERGP). The Committee was also required to propose a work plan and modalities for implementation of the salary increase...
I am very pleased that the Committee took on this important national assignment with all seriousness. Let me thank the chairman, Mr. Bismarck Rewane, and all the Committee members most sincerely for your patriotism, hard work, commitment and sacrifices. I understand that you have worked tirelessly to ensure that you deliver the report before we receive the Minimum Wage Bill from the National Assembly.
"Let me also thank the Honourable Minister of Budget and National Planning, for coordinating the work of the Committee. I also commend the Budget Office of the Federation; the National Incomes, Salaries and Wages Commission; the Office of the Accountant General of the Federation; the Federal Inland Revenue Service; the National Bureau of Statistics and the Central Bank of Nigeria, all of which I understand provided strong support to the Committee in the course of this assignment.
"May I also appreciate the support we received from private sectors, particularly, Access Bank Plc; PricewaterhouseCoopers; KPMG Advisory Services; Financial Derivatives Company and Economic Associates. I thank them all for their contributions to the successful conclusion of the Committee’s work.
"We will review this report expeditiously. In the process, we may need to engage with some members of your Committee, I therefore implore you to make your services available whenever we may call on you. Thank you and God bless the Federal Republic of Nigeria."
Buhari inaugurated the committee on January 9, 2019.
Among those present at the presentation were Vice President, Yemi Osinbajo; Boss Mustapha, Secretary of the Government of the Federation; Zalman Ahmed, Minister of Finance; Senator Udo Udoma, Minister of Budget and National Planning; Senator Udo Udoma and Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).
Last week, the Senate approved the review of the national minimum wage and pegged the new figure at N30,000.