Senate passes bill raising minimum wage to N70,000

The Senate on Tuesday at plenary, passed the 2024 National Minimum Wage Amendment Act Bill.

This was followed presentation and adoption of a report on the bill by the leader of the Senate, .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 into its first and second reading in line with Senate Rule 80.

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

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

According to him, it is part of the 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 the yearnings and aspirations of Nigerians and bring succour.

Opeyemi urged lawmakers to support the quick passage of the bill, adding that its passage was sacrosanct to the socio-economic and political well-being of Nigeria.

NAN reports that on June 3, organised labour went on strike over the minimum wage dispute.

The Nigeria Labour Congress and Trade Union Congress had proposed N494,000 as the new national minimum wage, citing inflation and the prevailing economic hardship in the country.

But the unions later reduced the amount to N250,000 after several meetings.

On July 11, labour leaders met with Tinubu at the presidential villa over the new minimum wage.

The labour leaders eventually accepted N70,000 as the new minimum wage for workers.

NAN.