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“How We Will Finance ₦70,000 Minimum Wage” – Federal Government

Posted by Gistsnaija. on 7 August, 2024 | under News
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Minister of Finance and Coordinator of the Economy, Wale Edun, has assured that funding for the newly approved ₦70,000 minimum wage by President Bola Tinubu will not be a challenge.

Speaking on AIT Money Line with Nancy on Tuesday, Edun revealed that the Ministry of Petroleum and the Nigeria National Petroleum Company Limited (NNPCL) have committed to increasing crude oil production to 2 million barrels per day.

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This boost in output is expected to generate additional revenue for the federal government, ensuring adequate funding for its 2024 projects and the new minimum wage.

He said:

“On how we will get money to pay the minimum wage, the Ministry of Petroleum through the NNPC has committed to 2 million barrels a day. At $80 dollar per barrel, it takes us out of the woods not just in the short term but in the medium term.”