In a significant move, the Nigerian Senate passed the 2024 National Minimum Wage Amendment Act Bill, on Tuesday, increasing the minimum wage from N30,000 to N70,000.
Senate Leader Opeyemi Bamidele highlighted that this bill aims to amend the National Minimum Wage Act of 2019 and reduce the review period from five years to three years.
This change comes after extensive negotiations between the Federal Government and organized labor, responding to widespread economic hardships.
The bill, transmitted by President Bola Tinubu, received accelerated consideration and unanimous support in the Senate. This adjustment is part of the government’s short-term measures to alleviate economic pressures, with long-term solutions in the pipeline.
