President Tinubu announces new national minimum wage to be implemented in 2024

President Bola Tinubu has assured Nigerian workers of imminent relief as he unveiled plans to implement a new national minimum wage in the coming year.

Addressing the nation on New Year’s Day, Tinubu pledged his government’s commitment to ensuring that the impact of governance is palpable and beneficial to every citizen.

Emphasizing the imperative to address the economic aspirations and well-being of the most vulnerable sectors, particularly the hardworking labour force, President Tinubu highlighted the moral and economic significance of the impending wage increase.

He affirmed that such a step is not only sound economics but also a morally and politically correct action.

“It is in this spirit that we are going to implement a new national living wage for our industrious workers this New Year. It is not only good economics to do this, but it is also a morally and politically correct thing to do,” he said.

Furthermore, the President articulated a robust commitment to economic reform, particularly in fiscal and tax policies.

He said his goal is to simplify and streamline these policies to create an environment encouraging business growth without impeding value creation.

In his 2024 Budget presentation to the National Assembly, he explained that his administration’s eight priority areas included national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security.

“Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives,” he said.