July 23, (THEWILL) – The Nigerian Senate, on Tuesday, passed the National Minimum Wage (Amendment) Bill, 2024.
THEWILL reports that the bill seeks to amend the National Minimum Wage Act, 2019, to increase the National Minimum Wage from N30,000 to N70,000.
The lawmakers also passed an amendment that reduced the time for periodic review of the national minimum wage from five (5) years to three (3) years and for related matters.
Forwarded to the National Assembly on Tuesday, by President Bola Tinubu, the Bill for an Act 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 years to three years and for related matters, 2024 (SB. 550) was presented for first reading by the Senate Leader, Opeyemi Bamidele.
In his lead debate on the general principles of the bill, 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 only has been reviewed upward to the sum of N70,000 only.”
The executive bill, after the first reading, scaled the second reading and was read the third time and passed overwhelmingly by the lawmakers.
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