BREAKING: Senate Passes N70,000 New Minimum Wage Bill

The Senate has passed a bill to amend the National Minimum Wage Act of 2019 to increase the National Minimum Wage from N30,000 to N70,000.

The bill passed by the Senate on Tuesday also includes a provision to decrease the interval for reviewing the National Minimum Wage from every five (5) years to every three (3) years, among other related matters.

The Executive bill forwarded to the Senate by President Bola Tinubu was first presented for the first reading, then scaled second reading and was read the third time and passed.

In his lead debate on the general principles of the bill, Senate Leader, Senator Opeyemi Bamidele said the National Minimum Wage (Amendment) Bill, 2024 “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 only.”

Details later…