NYSC members are to receive N30,000 monthly allowance as the implementation of the new minimum wage kicks off.
The Federal government has confirmed to increase the monthly allowance of members of the National Youths Service Corps (NYSC) to N30,000.
Confirming this new development, the minister of finance, Zainab Ahmed said that National Youth Service Corps members will now receive the new minimum wage as allowance.
While speaking at a press conference on Thursday, May 16, 2019, the minister revealed the government’s effort to work on the modalities of the new minimum wage.
“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 implication of that would be worked out only after the negotiations and that would involve determining how much increase every other employee above the minimum wage would get.
“It could be a flat amount or a proportion, but the other aspect that is clear is that there would be an increase for the National Youth Service Corps as well because, by the Act, they should earn at least the minimum wage and the NYSC also has to increase to that N30, 000.
“So, because we have not done the negotiation with labour, I cannot give you projections right now because the negotiations are not yet concluded.” She said.
She added that a sum of N649.43bn would be distributed to state governments as the final refund for the Paris Club debt.
President Muhammadu Buhari signed the bill into law last month to increase the national minimum wage from N18,000 to N30,000 after months of negotiations with labour unions and state governments.
The law makes it compulsory for all employers of labour in Nigeria to pay their workers the sum of N30,000, with the exclusion of employers with less than 25 employees.