A bill to alter the National Minimum wage Act of 2019 has been passed by the Senate, raising the minimum salary nationwide from N30,000 to N70,000.
Chief Bola Ahmed Tinubu’s proposed legislation shortens the period of time between reviews of the minimum wage from five to three years.
In his lead argument on the measure, Senate Leader Opeyemi Bamidele emphasised the necessity of the modification in light of the current economic climate and the broad agitations from organised labour and other society groups.
JUST IN: Why we Accepted N70,000 Minimum Wage – NLC
Bamidele revealed that the National Minimum Wage (Amendment) Bill, 2024 aims to modify the National Minimum Wage Act, 2019 by raising the National Minimum Wage and shortening the duration of the National Minimum Wage’s periodic review, which was formerly five (5) years to Three (3) years, and for Related Matters.
“The Bill was read for the First Time today, 23rd July, 2024.
“You will recall, Mr. President, my dear Colleagues, that in recent times, a plethora of agitations and clamours have been recorded from Organised Labour and another segment of our society, for an increase in the National Minimum Wage given the prevailing economic situation in the country.
“In response to the agitations and after a series of negotiations between the Federal Government and the Organised Labour, the current National Minimum Wage of N30,000 Naira only has been reviewed upward to the sum of N70,000 Naira only,” he added.
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