The International Monetary Fund says the Federal Government may need to raise a supplementary budget to accommodate the proposed minimum wage increase for workers.
This is because the negotiated amount may surpass the budgeted amount in the original 2024 budget.
The International Monetary Fund gave this recommendation in its latest staff country report for Nigeria.
The authorities noted that a supplementary budget may be needed to accommodate the outcome of the ongoing wage structure negotiations which may exceed what they had included in the 2024 budget.
It also noted that the government might need to raise the domestic and external borrowing ceilings to prevent fresh borrowings from the apex bank’s Ways and Means.