The Minister of Finance, Mrs Zainab Ahmed, says the Federal Government has approved an increase in the National Youth Service Corps (NYSC) allowance from 19,800 to 30,000.
The Minister who disclosed this at a press conference in Abuja on Thursday said the allowance needed to be increased in view of the N30,000 minimum wage, in line with the Act establishing the NYSC.
The minister further revealed that the states are to share the final tranche of the Paris Club Refund, totalling N649bn
She, however, pointed out that debtor-states would have to settle their debts soon, as the Federal Government planned to begin the last phase of the debt refund.
Ahmed also disclosed that the payments made by the Central Bank of Nigeria (CNB) as at March stood at N691.560 billion.
On Nigeria’s growing debt profile, the Minister stated that the debt increase from N12.2 trillion to N23.0 trillion was by design and lamented that revenue generation was a problem for the Buhari administration.
On the national minimum wage, Mrs Ahmed said: “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. 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 a 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,”
ASAGBASHIP THRONE OF ASABA: Who The Cap Fits