Mathew Dadiya, Abuja
The Presidential Technical Advisory Committee on new Minimum Wage led by renowned economist, Bismarck Rewane – CEO of Financial Derivatives, has submitted its report to President Muhammadu Buhari.
The report was submitted on Monday, with ways in which the Federal Government can generate revenue to pay the new minimum wage.
Receiving the report at the State House, Abuja, President Buhari pledged to carefully consider the recommendations of the committee for speedy implementation.
The Presidential Technical Advisory Committee on the implementation of the new National Minimum Wage was inaugurated on the 9th day of January with the mandate of advising government on how best to fund the wage increase.
The Daily Times recalls that the committee was mandated to advice on the consequential increases in salaries and allowances for other employees, without worsening the country’s already difficult fiscal condition and without adversely affecting the nation’s development goals.
It was also required to propose a work plan and modalities for implementation of the salary increase.
Buhari said: “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 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.”
He pledged to review and implement the recommendations made by the committee.
“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,” he said.
Speaking to journalists after the event, Minister of Budget and National Planning, Udo Udoma, said that the report would be carefully studied and implemented in line with governments plan to give Nigerian workers a new minimum wage.