In a landmark decision, the Senate has passed a bill to amend the National Minimum Wage Act, 2019, increasing the national minimum wage from N30,000 to N70,000.
The bill also seeks to reduce the periodic review time of the national minimum wage from five years to three years.
The bill, titled “A 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 by Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central) on Tuesday.
The executive bill, forwarded to the Senate by President Bola Tinubu, progressed through its legislative stages swiftly.
It was first presented for reading, then scaled through the second reading, and finally read the third time before being passed.
In his lead debate on the general principles of the bill, Senator Bamidele remarked, “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 years to three years, and for related matters.”
He continued, “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 other segments of our society for an increase in the national minimum wage, given the prevailing economic situation in the country.
In response to these agitations and after a series of negotiations between the Federal Government and the organised labour, the current national minimum wage of N30,000 has been reviewed upward to the sum of N70,000.”
Details later.
