By Tony Obiechina, Abuja
The Nigerian Senate and House of Representatives on Tuesday passed the National Minimum Wage (Amendment) Bill, 2024, which raises the national minimum wage from N30,000 to N70,000.
The legislation also includes an amendment to shorten the periodic review of the minimum wage from five years to three years.
The bill was introduced by President Bola Tinubu and presented to the two chambers by the Senate Leader Opeyemi Bamidele and his counterpart in the House of Representatives
During the debate at the Senate, Senator Bamidele highlighted the growing demand for wage increases in light of the current economic challenges.
In his address, Bamidele emphasized that the bill addresses the concerns voiced by organized labor and other segments of society regarding the adequacy of the current minimum wage.
He explained that the increase from N30,000 to N70,000 comes as a response to these demands and negotiations between the federal government and labor unions.
After its introduction, the bill was read for the first, second and third times and was subsequently passed into law.
The approval marks a significant shift in the country’s wage policy, aiming to better align the minimum wage with the prevailing economic conditions and reduce the time between wage reviews.
The bill now awaits formal assent by the President followed by implementation. READ ALSO:
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