Senate Approves Bill to Raise Minimum Wage to N70,000
The Senate has approved a bill to amend the National Minimum Wage Act, 2019, increasing the minimum wage from N30,000 to N70,000.
Additionally, the bill reduces the interval for reviewing the national minimum wage from five years to three years.
Senator Opeyemi Bamidele, APC Ekiti Central, presented the bill, which received unanimous support after scaling through first, second, and third readings.
In his lead debate on the general principles of the bill, Senator Bamidele said, “Mr. President, Distinguished colleagues, I humbly rise to lead the debate on the general principles of the National Minimum Wage (Amendment) Bill, 2024 (SB. 550). The Bill, inter alia seeks 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 (5) years to Three (3) years, and for Related Matters.
“The Bill was read for the First Time today, 23rd July, 2024.
“You will recall, Mr. President, my dear Colleagues, that in recent times, a plethora of agitations and clamours have been recorded from Organised Labour and another segment of our society, for an increase in the National Minimum Wage given the prevailing economic situation in the country. In response to the agitations and after a series of negotiations between the Federal Government and the Organised Labour, the current National Minimum Wage of N30,000 Naira only has been reviewed upward to the sum of N70,000 Naira only.”
He emphasized the necessity for this amendment in response to widespread calls and negotiations with Organised Labour, addressing economic challenges facing the country.
