Senate Approves Bill Increasing Minimum Wage to N70,000

The Senate passed the 2024 National Minimum Wage Amendment Act Bill on Tuesday during plenary. This followed the presentation and adoption of a report on the bill by Senate Leader Opeyemi Bamidele (APC-Ekiti).

The News Agency of Nigeria reports that the bill, which was transmitted to the Senate by President Bola Tinubu on July 23, was given accelerated consideration, resulting in its first and second reading in line with Senate Rule 80.

In his lead debate, Opeyemi said the bill seeks to amend the National Minimum Wage Act, 2019, aiming to increase the national minimum wage and reduce the time for periodic review from five years to three years.

He noted that there have been numerous agitations from organized labor and other segments of society for an increase in the national minimum wage due to the prevailing economic situation in Nigeria. In response to these agitations and after negotiations between the Federal Government and organized labor, the current national minimum wage of N30,000 has been reviewed upward to N70,000. This adjustment is part of the Federal Government’s short-term measures to mitigate the economic situation, with efforts ongoing to bring long-term solutions that align with the yearnings and aspirations of Nigerians.

Opeyemi urged lawmakers to support the quick passage of the bill, emphasizing that its passage is crucial to the socio-economic and political well-being of Nigeria.

NAN reports that on June 3, organized labor went on strike over the minimum wage dispute. The Nigeria Labour Congress and Trade Union Congress had initially proposed N494,000 as the new national minimum wage, citing inflation and economic hardship, but later reduced the amount to N250,000 after several meetings. On July 11, labor leaders met with Tinubu at the presidential villa and eventually accepted N70,000 as the new minimum wage for workers.