The Senate has approved a bill to amend the National Minimum Wage Act of 2019, raising the minimum wage from N30,000 to N70,000.
Additionally, on Tuesday, the Senate passed a bill aimed at reducing the interval for periodic reviews of the National Minimum Wage from five years to three years.
This bill, titled “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.
The executive bill, sent to the Senate by President Bola Tinubu, underwent its first reading, passed the second reading, and was read a third time before being approved.
In his lead debate on the bill’s general principles, Senator Bamidele stated, “Mr. President, Distinguished colleagues, I am honored to present the National Minimum Wage (Amendment) Bill, 2024 (SB. 550). This bill aims to amend the National Minimum Wage Act, 2019, by increasing the minimum wage and reducing the review period from five years to three years, among other matters.
“The bill was read for the first time today, July 23, 2024.”
Mr. President, dear Colleagues, you may recall that recently there has been significant pressure from Organized Labour and other groups calling for an increase in the National Minimum Wage due to the present economic conditions.
In response to these demands and following extensive negotiations between the Federal Government and Organized Labour, the National Minimum Wage has been raised from N30,000 to N70,000
