President Bola Tinubu has signed the new minimum wage bill into law.
Tinubu signed the new minimum wage bill at the Presidential Villa in Abuja on Monday, July 29, 2024, days after the National Assembly passed the bill.
The Senate passed the bill for a third reading on Tuesday, July 23.
This followed the presentation and adoption of a report on the bill by Senate Leader Opeyemi Bamidele.
The bill which was transmitted to the Senate by Tinubu on July 23 was given accelerated consideration, resulting in its first and second reading in line with Senate rule 80.
Bamidele in his lead debate on the general principles of the bill said the bill sought to amend the National Minimum Wage Act, 2019.
FG, organised labour agree on N70,000 minimum wage
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.
The Star recalls that the Organised Labour embarked on strike over the minimum wage dispute on June 3.
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had proposed N494,000 as the new national minimum wage, citing inflation and the prevailing economic hardship in the country.
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 Nigerian workers.
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