The federal government has assured that financing the newly signed ₦70,000 minimum wage will not pose any difficulties. Wale Edun, the Minister of Finance and Coordinator of the Economy, made this statement on Tuesday during an appearance on AIT’s Money Line with Nancy.
Edun revealed that the Ministry of Petroleum and the Nigerian National Petroleum Company Limited (NNPCL) have committed to increasing crude oil output to 2 million barrels per day. This boost in production is expected to provide the necessary funds to support the government’s 2024 projects.
Edun emphasized that with the current crude oil price at $80 per barrel, Nigeria would have adequate resources to cover the new minimum wage, contingent on the Ministry of Petroleum and NNPCL meeting their output promises.
“Regarding the funding for the minimum wage, the Ministry of Petroleum, through the NNPC, has committed to producing 2 million barrels a day. At $80 per barrel, this production level will provide sufficient funds, not only in the short term but also in the medium term,” Edun stated.
When questioned about the timeline for achieving the promised 2 million barrels per day output, Edun indicated that only the Ministry of Petroleum and NNPCL could provide a precise timeline.
Previously, it was reported that the Operation Safe Niger Delta Joint Task Force announced Nigeria’s crude oil output had reached 1.7 million barrels from August 1 to 3. Major Kayode Owolabi, the Coordinator of the Joint Media Campaign Centre, stated that this output level indicates International Oil Companies are operating at maximum capacity, with minimal interruptions or vandalism along the three major pipelines.
