President Bola Tinubu is set to sign a groundbreaking minimum wage bill into law. The new bill, which mandates a ₦70,000 minimum wage and a three-year review period, has successfully cleared both chambers of the National Assembly.
On Tuesday, the Senate and the House of Representatives expedited the passage of the bill. Both houses engaged in special sessions where the bill passed through all necessary readings and was approved by voice vote. This rapid process underscores the urgency and importance of the legislation.
President Tinubu had previously communicated the need for swift action on the bill through a formal letter to the National Assembly. His letter emphasized the critical nature of formalizing the ₦70,000 minimum wage, which had been a consensus among labor unions, the private sector, and the government.
The new bill also shortens the wage review cycle from five years to three, reflecting Tinubu’s commitment to maintaining fair wages in response to economic changes.
During the legislative sessions, Majority Leaders Senator Opeyemi Bamidele and Representative Julius Ihonvbere took the lead. They proposed suspending the usual procedural rules to allow immediate consideration of the bill’s second and third readings. Their motions were supported by House Minority Whip Hon. Ali Isa JC and received unanimous approval from both chambers.
Senator Bamidele highlighted the bill’s significance, stating it amends the National Minimum Wage Act of 2019 to better match wage adjustments with current economic realities. This adjustment aims to protect workers’ purchasing power and ensure that wage policies keep pace with inflation and cost of living changes.
