President Bola Tinubu has signed the minimum wage bill into law, marking the end of protracted negotiations among government authorities, labour unions, and the private sector.
Thank you for reading this post, don't forget to subscribe!The bill recently passed by the National Assembly and signed into law by Tinubu establishes a nationwide minimum wage standard to enhance living standards and reduce wage disparities.
New Minimum Wage: President Bola Tinubu has signed the new Minimum Wage Act into law, increasing the minimum wage from N30,000 to N70,000.
Signing Ceremony: The signing ceremony took place at the State House in Abuja, witnessed by the President of the Senate, Godswill Akpabio, and Deputy Senate President, Barau Jibrin, among others.
Review Timeline: The new law includes a commitment to review the national minimum wage every three years.
Labour Union’s Demand: Labour unions initially demanded N494,000 as the minimum wage but later reduced their request to N250,000 after extensive negotiations.
Federal Government’s Proposal: The federal government proposed N62,000 before settling on the recently approved N70,000.
Implications: The new minimum wage law aims to alleviate the economic hardship faced by Nigerian workers and is seen as a significant step towards improving their welfare.
