By Abiola Olawale
The Senate, on Tuesday, passed a bill amending the National Minimum Wage Act, 2019, to increase the National Minimum Wage from N30,000 to the sum of N70,000.
The Senate also amended the National Minimum Wage Act, of 2019, reducing the time for periodic review of the National Minimum Wage from five years to three years, and for Related Matters.
The bill was passed following the adoption of a report motion by the Senate Leader, Senator Opeyemi Bamidele, the lawmaker representing Ekiti Central senatorial district of Ekiti State in the state.
The New Diplomat reports that President Bola Ahmed Tinubu on Tuesday transmitted the National Minimum Wage Bill to the National Assembly for consideration and passage.
The President separately wrote the Senate and the House of Representatives requesting expeditious consideration of a bill for an Act to amend the National Minimum Wage Act, 2019 to increase the National Minimum Wage from N30,000 to N70,000.
In his lead debate on the general principles of the bill, Senator Bamidele said: “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, inter alia, seeks 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 (5) years to Three (3) years, and for Related Matters.
“The Bill was read for the First Time today, 23rd July, 2024.
“You will recall, Mr. President, my dear Colleagues, that in recent times, a plethora of agitations and clamours have been recorded from Organised Labour and another segment of our society, for an increase in the National Minimum Wage given the prevailing economic situation in the country. In response to the agitations and after a series of negotiations between the Federal Government and the Organised Labour, the current National Minimum Wage of N30,000 Naira only has been reviewed upward to the sum of N70,000 Naira.”
Following the debate, the bill scaled second and third readings in a few minutes.
Tinubu is now expected to assent to the bill which will give way for the official commencement of the new minimum wage bill.
The New Diplomat reports that the Federal Government and Organised Labour had both reached a consensus on a new national minimum wage of N70,000 for Nigerian workers.
The development came after Tinubu held a series of meetings with Organised Labour last week.
The President held talks with the two unions following months of failed talks between labour organs and a tripartite committee on minimum wage constituted by the President in January.
It would be recalled that the committee which comprised state and federal governments and the Organised Private Sector had proposed ₦62,000 while labour insisted on ₦250,000 as the new minimum wage for workers.
