Politics
President Tinubu Set to Sign New Minimum Wage Bill
President Bola Tinubu is likely to sign the recently passed Minimum Wage Bill into law as early as next week. This comes after the National Assembly wrapped up its deliberations and transmitted the bill to the President on Thursday.
Multiple sources within the National Assembly confirmed that the bill was approved fast-tracked in both the Senate and House of Representatives during a plenary session on Tuesday. Senator Abdullahi Gumel, the Senior Special Assistant on National Assembly Matters, verified that the bill would indeed be sent to the President soon.
The Senate and the House both moved quickly to pass the National Minimum Wage Act 2019 (Amendment Bill). After a thorough examination and unanimous vote by the Committee of the Whole, it easily passed its third reading in the Senate. The House followed suit, passing the bill in a similar manner.
The President had submitted the bill to the National Assembly, asking lawmakers to make adjustments that would raise the national minimum wage from N30,000 to N70,000 and reduce the review period from five years to three.
This move aligns with the agreement reached between President Tinubu and labor leaders, who discussed the new wage at a meeting held in Abuja. The new wage of N70,000 replaces the previous minimum wage, which ended on April 18, 2024.
As part of the announcement, President Tinubu expressed the necessity for collaboration in driving the economy forward, remarking that the minimum wage review should occur every three years rather than the previously proposed two years.
In January, a Tripartite Committee had been tasked with determining a new national minimum wage. The committee proposed a variety of figures, which sparked some disagreements among stakeholders. While government representatives and the organized private sector suggested N62,000, labor unions were advocating for N250,000.
After receiving the committee’s suggestions, President Tinubu took time to negotiate with key stakeholders to reach a consensus before sending the executive bill to the National Assembly.
