New Minimum Wage of N70,000 Gets Senate Approval

On Tuesday, July 23, 2024, the Senate passed the 2024 National Minimum Wage Amendment Act Bill, following a presentation and adoption of the report by Senate leader Opeyemi Bamidele (APC-Ekiti).

The bill, transmitted by President Bola Tinubu on July 23, received swift consideration, advancing through its first and second readings per Senate Rule 80.

In his lead debate, Bamidele explained that the bill aims to amend the National Minimum Wage Act of 2019, raising the national minimum wage and shortening the review period from five years to three years. He highlighted the recent widespread calls from organized labor and other societal segments for a wage increase due to Nigeria’s current economic challenges.

The bill proposes increasing the minimum wage from N30,000 to N70,000 as a short-term measure to alleviate economic pressures while the government works on long-term solutions that meet the aspirations of Nigerians.

Bamidele urged his fellow lawmakers to support the bill’s quick passage, emphasizing its importance to Nigeria’s socio-economic and political stability.

In June, organized labor went on strike over the minimum wage dispute, initially proposing N494,000 as the new minimum wage due to inflation and economic hardships. After several negotiations, the unions reduced their demand to N250,000. On July 11, labor leaders met with President Tinubu and eventually agreed to a new minimum wage of N70,000 for workers.