On Tuesday, the Senate passed the 2024 National Minimum Wage Amendment Act Bill during its plenary session.
This followed the presentation and adoption of a report on the bill by Senate Leader Sen. Opeyemi Bamidele (APC-Ekiti).
According to the News Agency of Nigeria (NAN), the bill, which was transmitted to the Senate by President Bola Tinubu on July 23, received expedited consideration, moving swiftly through its first and second readings as per Senate rule 80.
In his lead debate, Opeyemi stated that the bill aims to amend the 2019 National Minimum Wage Act. It seeks to increase the national minimum wage and shorten the interval for periodic reviews from five years to three years.
Opeyemi highlighted the numerous agitations and demands from organized labor and various segments of society for an increase in the national minimum wage, citing the prevailing economic conditions in Nigeria.
He noted that after extensive negotiations between the Federal Government and organized labor, the current minimum wage of N30,000 has been revised upwards to N70,000.
This revision is part of the government’s short-term measures to alleviate the economic challenges faced by Nigerians while long-term solutions are being developed.
Opeyemi urged lawmakers to support the prompt passage of the bill, emphasizing its importance to Nigeria’s socio-economic and political stability.
NAN reported that on June 3, organized labor went on strike over the minimum wage dispute.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) initially proposed a new minimum wage of N494,000, citing inflation and economic hardships. After several meetings, the unions reduced their demand to N250,000.
On July 11, labor leaders met with President Tinubu at the presidential villa to discuss the new minimum wage, eventually agreeing on N70,000 for workers.