June 26, 2022

FG Reveals How N30,000 Minimum Wage Will Be Funded

The federal government has said it will be considering increasing Value Added Tax (VAT) to fund the new national minimum wage.

Nigeria’s Budget and National Planning Udo Udoma stated this on Tuesday while during the Senate Committee on Finance.

He said, “The current minimum wage of N18,000 is really too low. It is difficult for workers to manage on that amount.

“The President supported a review, but it is important that as we are revising it, we should be able to fund it.

“It is in the light of this that we would be coming to you (Senate) because there may be the need to make some changes, especially the VAT, in order to fund the minimum wage once it is announced.”

This decision was reached after the upper chamber’s ad-hoc committee on new minimum wage headed by Senator Francis Alimikhena, submitted its report.

Dailynewscover understands that Senate had on Tuesday approved N30,000 as the new national minimum wage.

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