The Senate has passed the National Minimum Wage Bill, granting the long-awaited increase to ₦70,000 as requested by President Tinubu.
The bill received expedited consideration, swiftly progressing through the first, second, and third readings.
This monumental decision comes after President Tinubu forwarded the National Minimum Wage Act 2019 amendment bill to the Senate for careful deliberation and approval. The bill aims to not only raise the national minimum wage but also shorten the review period from five years to three years.
Following extensive negotiations between the Federal government and organized labor, the current national minimum wage has been revised upwards from ₦30,000 to ₦70,000. This significant increase reflects the government’s commitment to improving the standard of living for Nigerian workers.
The Senate’s approval of the bill marks a significant milestone in the fight for fair wages and better working conditions. It is expected to have a positive impact on the lives of millions of hardworking individuals across the country.
With this progressive move, Nigeria takes a step forward in ensuring that the labor force is adequately compensated and that the minimum wage keeps pace with the changing economic landscape. The reduced review period will also allow for more frequent adjustments to wages, ensuring that workers’ salaries remain competitive and reflective of prevailing economic conditions.
The passing of the bill by the Senate demonstrates the government’s commitment to addressing the needs of workers and promoting a fair and equitable society. The increased minimum wage will provide a much-needed boost to the purchasing power of employees, stimulating economic growth and fostering social stability.
