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....CLICK HERE TO CONTINUE READING.>>
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.
Thank you for reading this post, don't forget to subscribe!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.
