Government Outlines Plan For ₦70,000 Minimum Wage Funding

Government Outlines Plan For ₦70,000 Minimum Wage Funding....KINDLY READ THE FULL STORY HERE▶

The federal government has assured that financing the new ₦70,000 minimum wage, recently signed into law by President Bola Tinubu, will be manageable. Finance Minister and Economic Coordinator Wale Edun made this statement on Tuesday during an interview on AIT Money Line with Nancy, as reported by our correspondent…… CONTINUE READING

Edun explained that the Ministry of Petroleum and the Nigerian National Petroleum Company Limited (NNPCL) have committed to increasing crude oil production to 2 million barrels per day. This boost is expected to provide the government with additional funds necessary to support the new minimum wage and other 2024 projects.

With crude oil prices currently at $80 per barrel, Edun stated that the anticipated increase in production would ensure adequate funding for the minimum wage in both the short and medium term. “The Ministry of Petroleum and NNPC have pledged to raise output to 2 million barrels a day. At $80 per barrel, this will significantly alleviate financial pressures,” he said.

When questioned about the timeline for achieving the 2 million barrels per day target, Edun noted that the Ministry of Petroleum and NNPC would provide further details.

Recent reports from the Operation Safe Niger Delta Joint Task Force indicate that Nigeria’s crude oil output reached 1.7 million barrels between August 1 and 3. Major Kayode Owolabi, Coordinator of the Joint Media Campaign Centre, confirmed that this output level reflects maximum production capacity by International Oil Companies with minimal disruptions or pipeline vandalism.

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