President Bola Tinubu has officially signed the new minimum wage bill into law, marking a significant increase in the country’s minimum wage from N30,000 to N70,000.
The signing took place in the council chamber of the State House during a federal executive council (FEC) meeting, which was temporarily suspended to allow for the historic event.
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The leadership of the national assembly, led by Senate President Godswill Akpabio, was present to witness the signing.
The legislative journey of the bill was notably swift. Last Tuesday, both the Senate and the House of Representatives passed the new minimum wage bill in record time. The bill went through its first reading, which included President Tinubu’s request, followed by a second reading involving a debate on the general principles, and then a third reading. All these stages were completed within an hour in both legislative chambers.
The new law not only increases the minimum wage to N70,000 but also mandates a review of the minimum wage every three years. The previous minimum wage of N30,000 was enacted by former President Muhammadu Buhari in 2019.
The passage of this bill follows extensive discussions and negotiations between the federal government and organized labor groups. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had previously gone on strike to demand a review of the minimum wage, highlighting the pressing need for wage adjustments in response to economic realities.
