BREAKING: Senate Approves ₦70k as New Minimum Wage, Up from ₦30k

… Reduces Periodic Review Time from 5 to 3 Years

The Senate has passed a bill amending the National Minimum Wage Act of 2019, raising the National Minimum Wage from ₦30,000 to ₦70,000. The bill, which also reduces the period for reviewing the minimum wage from five years to three years, was passed on Tuesday.

The bill, 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 periodic review of the national minimum wage from five years to three years and for related matters, 2024” (SB. 550), was presented by Senate Leader Senator Opeyemi Bamidele of the APC, Ekiti Central.

Initially forwarded to the Senate by President Bola Tinubu, the bill progressed through its first reading, scaled second reading, and was ultimately read a third time and passed.

In his lead debate on the general principles of the bill, Senator Bamidele stated, “Mr. President, Distinguished colleagues, I humbly rise to lead the debate on the general principles of the National Minimum Wage (Amendment) Bill, 2024 (SB. 550). The Bill seeks to amend the National Minimum Wage Act, 2019, to increase the National Minimum Wage and reduce the time for periodic review from five years to three years, and for related matters.”

He further emphasized the urgency and necessity of the amendment, noting, “You will recall, Mr. President, my dear Colleagues, that in recent times, a plethora of agitations and clamours have been recorded from Organized Labour and other segments of our society, for an increase in the National Minimum Wage given the prevailing economic situation in the country. In response to these agitations and after a series of negotiations between the Federal Government and Organized Labour, the current National Minimum Wage of ₦30,000 has been reviewed upward to ₦70,000.”

The passage of this bill is expected to have wide-reaching implications for the Nigerian workforce, addressing long-standing demands for improved wages in the face of economic challenges. Further details on the implementation and impact of this legislative change are awaited.

Stay tuned for more updates.