New Minimum Wage Bill Expected to Get Presidential Approval Next Week

President Bola Tinubu is gearing up to sign the Minimum Wage Bill into law next week. This follows a swift passage of the bill by the National Assembly.

Sources within the National Assembly shared that the bill was finalized on Wednesday and sent to the President on Thursday. The bill made its way through both chambers during an efficient session on Tuesday.

Confirming this development, Senator Abdullahi Gumel, who serves as the Senior Special Assistant on National Assembly Matters, stated, “The bill will be transmitted today (Thursday).”

The President is expected to give quick approval to the bill aimed at amending the National Minimum Wage Act 2019.

During a fast-paced session, both the Senate and the House of Representatives approved the National Minimum Wage Bill, which increased the minimum wage from N30,000 to N70,000. The change is crucial as the previous wage expired in April 2024.

After careful consideration of each clause, the Senate passed the bill unanimously. The House quickly followed suit, mirroring the Senate’s actions.

In addition to the minimum wage increase, President Tinubu is also looking to reduce the review period of the national minimum wage from five years to three years. This was part of an agreement made with labor leaders during a meeting at the Aso Presidential Villa in Abuja.

In announcing the new wage, President Tinubu emphasized the teamwork needed to drive the economy and confirmed that no one in the federal establishment should earn less than N70,000. He stressed that the new benchmark is set at this rate.

The Tripartite Committee on the New National Minimum Wage had submitted varying figures after debates among stakeholders. The government and private sector proposed N62,000, while labor groups demanded N250,000.

After reviewing the committee’s report, the President requested more dialogue with stakeholders to reconcile the figures before forwarding the executive bill to the National Assembly.

Subsequently, he held discussions with representatives from various sectors to agree on a nationwide acceptable minimum wage.