Nigeria’s Finance Minister Zainab Ahmed said this on Thursday in Abuja during a press conference where she added that N649.434 billion is ready to be shared to states as Paris Club fund.
According to the minister, with the recent signing into law of the minimum wage bill by President Muhammadu Buhari, corps members will no longer earn N18,000 monthly.
She, however, noted that the Federal Government is still working out modalities before the implementation of the new allowance for corps members.
“The financial implications have been worked out by the presidential committee that was set up and they have submitted their report to the President and the President has directed the report to us,” she noted.
“We have looked at the report and what we are working on now is how we can finance the new minimum wage.
“Apart from the increase of the minimum wage from N18, 000 to N30,000, there is also consequential adjustment that we have to negotiate with the labour unions.
“The total financial implications will be determined after negotiations. The negotiation will determine what every other staff that is above the minimum wage will get. It could be a flat amount or a progression.
“The other aspect that should be clear is that there is an increase for the NYSC as well because NYSC, by its Act, is designed that they earn the minimum wage.
“So, NYSC allowance also has to increase to N30, 000. So, I cannot give you projections right now because the negotiations are not yet concluded.”