President Muhammadu Buhari on Monday in Abuja received the report of the Presidential Technical Advisory Committee on the Implementation of the National Minimum Wage (PTAC) with a pledge to review it expeditiously.
While receiving the report on behalf of the Federal Executive council, Buhari said:
“Today the PTAC, chaired by Bismarck Rewane, and comprising other experienced economists and administrators from the private sector, as well as Federal Govt officials, and a Representative of the Governors’ Forum, submitted its report.”
“I am very pleased that the Committee took on this important national assignment with all seriousness. I thank the chairman, Mr. Bismarck Rewane, and all the Committee members most sincerely for their patriotism, hard work, commitment and sacrifices.
“I would also like to thank the Minister of Budget & Nat. Planning, for coordinating the Committee’s work; and the Budget Office; National Incomes, Salaries & Wages Commission; Office of the Accountant General; FIRS; NBS, & CBN, who all supported the Committee on this assignment.
“Gratitude also goes to the private sector for their support, particularly, Access Bank Plc; PricewaterhouseCoopers; KPMG Advisory Services; Financial Derivatives Co., & Economic Associates. I thank them all for their contributions to the successful conclusion of this assignment.
“We will review the submitted report expeditiously, even as we await receipt of the Minimum Wage Bill from the National Assembly. Our commitment to the implementation of the new National Minimum Wage is absolute.”
The PTAC, which was inaugurated on Jan. 9, was mandated to advise the Federal Government on how best to fund, in a sustained manner, the additional costs of implementing the imminent increase in the National Minimum Wage.
The committee was also asked to advice on the consequential increases in salaries and allowances for other employees without worsening the already difficult fiscal condition and without adversely impacting the nation’s development goals as set out in the Economic Recovery and Growth Plan (ERGP).