The federal government assures financing the new ₦70,000 minimum wage will be feasible, with plans to increase crude oil output to 2 million barrels per day.
EKO HOT BLOG reports that the federal government has assured there will be no difficulties in financing the new ₦70,000 minimum wage signed into law by President Bola Tinubu.
The Minister of Finance and Coordinator of the Economy, Wale Edun, addressed this on Tuesday during an appearance on AIT Money Line with Nancy, monitored by our reporter.
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Edun stated that the Ministry of Petroleum and the Nigerian National Petroleum Company Limited (NNPCL) have pledged to increase crude oil output to 2 million barrels per day, ensuring the government has more funds to finance the 2024 projects.
He emphasized that at the current crude oil price of $80 per barrel, Nigeria will have sufficient funds to support the new minimum wage if the Ministry of Petroleum and NNPCL fulfill their promise.
“Regarding the funds to pay the minimum wage, the Ministry of Petroleum through the NNPC has committed to 2 million barrels a day. At $80 per barrel, it takes us out of the woods not just in the short term but in the medium term,” Edun said.
When asked about the timeline for achieving the promised 2 million barrels per day, the Minister of Finance deferred the question to the Ministry of Petroleum and NNPCL.
This online media platform gathered that Operation Safe Niger Delta Joint Task Force, on Sunday, said from August 1 to 3 total cruse output of Nigeria reached 1.7 million barrels.
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The statement from the Coordinator of Joint Media Campaign Centre of the task force, Major Kayode Owolabi, said, the 1.7 million output indicated that International Oil Companies are operating at maximum production capacity with little interruption or vandalism along the three major pipelines.
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