President Bola Tinubu has enacted a new National Minimum Wage Act, marking a significant milestone in the country’s labor landscape.
News About Nigeria reports that On July 29, during a Federal Executive Council meeting attended by cabinet members and National Assembly leaders, the President gave his assent to the bill.
This development follows a recent accord between the President and labor leaders, which set the new minimum wage at ₦70,000.
The proposed legislation, introduced by President Tinubu, aims to nearly double the existing minimum wage from ₦30,000 to ₦70,000, benefiting Nigerian workers nationwide.
The swift passage of the bill through the Senate, which completed all three readings in just one hour, underscores the collective commitment to improving the welfare of workers
With the President’s assent, the new minimum wage is now enshrined in law, paving the way for its implementation and providing a significant boost to the income of Nigerian workers.
Recall that 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
