President Bola Tinubu signed the new N70,000 minimum wage bill into law yesterday.
The significant event took place in the council chamber of the State House, in the midst of the Federal Executive Council (FEC) meeting.
The meeting was temporarily suspended to allow the leadership of the National Assembly, led by Senate President Godswill Akpabio, to witness the signing of the bill.
The Senate and the House of Representatives passed the new minimum wage bill last Tuesday, following President Tinubu’s request.
The bill swiftly went through first, second, and third readings within an hour in both the upper and lower legislative chambers.
This legislation marks a substantial increase in the country’s minimum wage, raising it from N30,000 to N70,000. Additionally, the law includes a provision for a periodic review of the minimum wage every three years.
Former President Muhammadu Buhari had signed the previous minimum wage of N30,000 into law in 2019.
Before the enactment of the new minimum wage act, the federal government and organized labor engaged in a series of meetings to discuss the proposed changes.
In light of this development, President Tinubu emphasized the importance of the new minimum wage, stating,
“This increase is a crucial step in ensuring adequate compensation for the hardworking individuals throughout the country. It demonstrates our commitment to supporting the welfare of our workforce.”
The signing of the new minimum wage bill has been largely welcomed by workers and labor unions across the nation.
