President Bola Tinubu is expected to sign the newly passed Minimum Wage Bill into law next week, marking a significant milestone in the administration’s efforts to improve workers’ welfare.
The bill, which was transmitted to the President on Thursday, underwent expedited readings and was unanimously approved by both the Senate and the House of Representatives during Tuesday’s plenary sessions.
The National Minimum Wage Act 2019 (Amendment Bill) proposes a substantial increase in the national minimum wage from ₦30,000 to ₦70,000, a move aimed at addressing the economic challenges faced by Nigerian workers.
Additionally, the bill reduces the period for periodic review from five years to three, ensuring that the minimum wage remains responsive to changing economic conditions.
President Tinubu emphasized the need for a timely review of the wage benchmark, stating, “No one in the federal establishment should earn less than ₦70,000. We are setting the benchmark at ₦70,000.”
This statement underscores the administration’s commitment to ensuring that workers earn a living wage.
The passage of the bill follows an agreement between President Tinubu and labor leaders, who had been advocating for an increase in the minimum wage.
The previous minimum wage of ₦30,000 had expired on April 18, 2024, making the enactment of a new minimum wage a pressing priority.
The Tripartite Committee on the New National Minimum Wage had initially submitted two figures due to stakeholder disagreements: ₦62,000 proposed by the government team and the organized private sector, and ₦250,000 demanded by Organized Labour.
After further dialogue and consultation, President Tinubu harmonized the figures before sending the executive bill to the National Assembly.
With the legislative approval now in place, President Tinubu’s imminent signature will officially enact the new minimum wage, marking a significant achievement for the administration.
The signing of the bill into law will bring relief to millions of Nigerian workers, who have been struggling to make ends meet due to the economic downturn.
