NewsArena
Newsarena.ng is an online news media established to disseminate up-to-date and unbiased reportage of issues of public concern, with high level of professionalism, based on truth.

IMF Makes Recommendations On New Minimum Wage

The International Monetary Fund, IMF has given indications that the Federal Government of Nigeria may need to raise a supplementary budget to accommodate the proposed minimum wage increase for workers.

The IMF gave this recommendation in its latest staff country report for Nigeria.

It said the negotiated amount between the labour and the federal government may surpass the budgeted amount in the original 2024 budget.

Also Read:  JUST IN: Suspected Kidnapper Killed In Oyo

“The authorities noted that a supplementary budget may be needed to accommodate the outcome of the ongoing wage structure negotiations which may exceed what they had included in the 2024 budget,” the report stated.

IMF also noted that the government might need to raise the domestic and external borrowing ceilings to prevent fresh borrowings from the apex bank’s Ways and Means.

Also Read:  Tinubu Announces Swearing-In Date For Ministers Designate

It further noted that the country’s budget deficit for 2024 is expected to surpass projections, owing to implicit subsidies for fuel and electricity, alongside rising interest expenses on debt.

Meanwhile, the report also urged the government to consider meeting its financing needs from the market and external borrowing.



...To get more news updates, Join our WhatsApp Group (Click Here) and Telegram Group(Click Here)
Leave A Reply

Your email address will not be published.