In a significant legislative move, the Senate, on Tuesday, approved the 2024 National Minimum Wage Amendment Act Bill, effectively raising the minimum wage to N70,000.
The bill, presented and supported by Senate leader Opeyemi Bamidele (APC-Ekiti), was expedited following its transmission to the Senate by President Bola Tinubu on July 23.
Under Senate Rule 80, the bill underwent both first and second readings promptly. Bamidele, in his address outlining the bill’s core principles, emphasized its intent to amend the National Minimum Wage Act of 2019. He underscored that the amendment not only increases the minimum wage but also shortens the review period from five years to three years.
The decision to revise the minimum wage from N30,000 to N70,000 comes amidst widespread calls and protests from organized labor and other sectors of society. Bamidele highlighted the government’s responsiveness to these demands and its commitment to addressing the economic challenges facing Nigeria.
The bill’s passage marks a crucial step towards alleviating immediate economic pressures while longer-term solutions are pursued to meet the aspirations of Nigerians.
The urgency of the bill’s approval, as stressed by Bamidele, underscores its importance for Nigeria’s socio-economic stability.
Earlier negotiations between the Federal Government and labor unions had seen proposed minimum wages fluctuate, with organized labor initially requesting N494,000 before settling on N70,000 following discussions with President Tinubu at the presidential villa.
The Senate’s approval follows a series of developments including strikes and negotiations, culminating in the acceptance of the revised minimum wage, which labor leaders believe will help mitigate economic hardships faced by workers nationwide.
