Senate approves new National Minimum Wage of N70,000

The Senate has approved the National Minimum Wage Amendment Act, which introduced N70,000 as the new national minimum wage.
The bill, which was received from the executive arm of government, seeking amendment to the Act to enable upward review of workers’ salaries, was laid for first reading.

This, followed presentation and adoption of report on the bill, presented by leader of the Senate Sen.Opeyemi Bamidele (APC-Ekiti).

The bill which was transmitted to Senate by President Bola Tinubu on July 23, was given accelerated consideration, resulting into its first, second and passage.

Opeyemi in his lead debate on the general principles of the bill said the bill sought to amend the national minimum wage act, 2019.

According to him, the bill seeks to increase the national minimum wage and reduce the time for periodic review from Five years to three years.

He said in recent times, plethora of agitations and clamour have been recorded from organised labour and other segment of the society for increase in national minimum wage, given prevailing economic situation in Nigeria.

He said in response to agitations and after series of negotiations between Federal Government and the organised labour, the current national minimum wage of N30,000 only has been reviewed upward to the N70,000.

According to him, it is part of Federal Government’s short-term measure to mitigate the situation in the country, as efforts are being made to bring long-term solutions that would align with yearnings and aspirations of Nigerians and bring succour.

Opeyemi thereby urged lawmakers to support the quick passage of the bill, adding that its passage was sacrosanct to the socio-economic and political wellbeing of Nigeria.
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Senators were unanimous on the need to approve the bill, which followed negotiations between the executive and organized labour.
The Senate immediately passed the bill for second reading after which senators dissolved into the committee of the whole for its passage for the third reading
It was titled “A Bill for an Act to Amend the National Minimum Wage Act 2019 to increase the National Minimum Wage and reduce the time for period review of the National wage from five years to three years and for related matters 2024”
The Bill amended the Section 3 (4) of the Minimum Wage Act No. 8 of 2019 substituting the figure N30,000 with N70,000.
Section 3 (4) of the Principal Act was also amended by substituting five years with three years.