The Nigerian Senate has expedited the passage of the new minimum wage bill, completing all three readings within a remarkable one-hour timeframe on Tuesday.
News About Nigeria understands that the bill, which was introduced at the request of President Bola Tinubu, sailed through its first, second, and third readings without delay.
The legislation aims to increase the national minimum wage from N30,000 to N70,000, marking a major victory for workers across the country.
Earlier, President Bola Tinubu has forwarded a bill to the House of Representatives, proposing a new national minimum wage of ₦70,000 for Nigerian workers.
The agreement marks a significant milestone in the ongoing negotiations between the government and labour unions after months of unsuccessful talks, the President’s intervention led to a breakthrough.
The tripartite committee, comprising representatives from the federal and state governments, as well as the Organised Private Sector, had previously suggested a minimum wage of ₦62,000.
However, labour leaders insisted on a higher amount of ₦250,000, citing the current minimum wage of ₦30,000 as unsustainable due to rising inflation and living costs.
The government’s initial reluctance to meet labour’s demands was attributed to concerns about the economic implications of such a significant increase.
Nevertheless, President Tinubu’s direct engagement with labour leaders led to a compromise.
The transmission of the wage bill to the National Assembly is a crucial step towards enacting the new minimum wage into law.
This development aligns with President Tinubu’s commitment, expressed during his Democracy Day speech on June 12, 2024, to send an executive bill on the new national minimum wage to the legislature for passage
