The report was presented to the President on Monday by the Bismarck Rewane-led Technical Advisory Committee at the Presidential Villa, Abuja.
Buhari had on January 9 inaugurated the advisory committee chaired by an economist and financial expert, Bismarck Rewane on the implementation of the new minimum wage.
Below is the full text of President Buhari’s speech at the occasion:
“On 9th January, 2019, I inaugurated the Presidential Technical Advisory Committee on the Implementation of the National Minimum Wage (PTAC). The PTAC was mandated to advise Government on how best to fund, in a sustained manner, the additional costs of implementing the imminent increase in the National Minimum Wage.
You were also asked to advise on the consequential increases in salaries and allowances for other employees, without worsening our already difficult fiscal condition, and without adversely impacting the nation’s development goals as set out in the Economic Recovery and Growth Plan (ERGP).
The Committee was also required to propose a work plan and modalities for implementation of the salary increase.
The Technical Committee is chaired by an economist and businessman, Bismarck Rewane, and has other experienced economists and administrators from the private sector, as well as relevant officials in the Government. It also has a representative of the Governors’ Forum.
I am very pleased that the Committee took on this important national assignment with all seriousness.
Let me thank the chairman, Mr. Bismarck Rewane, and all the Committee members most sincerely for your patriotism, hard work, commitment and sacrifices. I understand that you have worked tirelessly to ensure that you deliver the report before we receive the Minimum Wage Bill from the National Assembly.
Let me also thank the Honourable Minister of Budget and National Planning, for coordinating the work of the Committee. I also commend the Budget Office of the Federation; the National Incomes, Salaries and Wages Commission; the Office of the Accountant General of the Federation; the Federal Inland Revenue Service; the National Bureau of Statistics and the Central Bank of Nigeria, all of which I understand provided strong support to the Committee in the course of this assignment.
May I also appreciate the support we received from private sectors, particularly, Access Bank Plc; PricewaterhouseCoopers; KPMG Advisory Services; Financial Derivatives Company and Economic Associates. I thank them all for their contributions to the successful conclusion of the Committee’s work.
We will review this report expeditiously. In the process, we may need to engage with some members of your Committee, I therefore implore you to make your services available whenever we may call on you.
Thank you and God bless the Federal Republic of Nigeria.”