The presidential technical advisory committee led by Bismarck Rewane, the CEO of Financial Derivatives, has submitted its report to President Muhammadu Buhari.
According to the president, the report was submitted on Monday, with ways in which the federal government can generate revenue to pay the new minimum wage.
“On Jan 9, 2019, I inaugurated the Presidential Technical Advisory Committee on the Implementation of the National Minimum Wage (PTAC),” Buhari said via Twitter.
“The PTAC was mandated to advise on how best to fund the additional costs of implementing the imminent increase in the National Minimum Wage.
“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.”
In January, Buhari appointed the committee “to develop, and advise the government on how to successfully bring about a smooth implementation of impending wage increases”.
He said the committee will also “identify new revenue sources, as well as areas of existing expenditure from where some savings could be made in order to fund the wage increases without adversely impacting the nation’s development goals as set out in the Economic Recovery and Growth Plan”.
The report will form the “basis of a Finance Bill which will be submitted to the National Assembly, alongside the Minimum Wage Bill”.