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Nigeria’s parliament has passed a bill increasing the national minimum wage to N70,000, shortening the review period to three years.
The Senate and the House of Representatives, on Tuesday, passed the new minimum wage bill into law.
Titled “A Bill for an Act to Amend the National Minimum Wage Act 2019 to increase the National Minimum Wage and reduce the time for period review of the national wage from five years to three years and for related matters 2024,” the bill amended the Section 3 (4) of the Minimum Wage Act No. 8 of 2019 substituting the figure N30,000 with N70,000.
Section 3 (4) of the Principal Act was also amended by substituting five years with three years.
At the senate, the bill was accorded accelerated consideration as it passed first, second and third reading at plenary because the Red Chamber amended its rules to achieve the passage.
The House also approved President Bola Tinubu’s request to amend the 2019 National Minimum Wage Act to effect the recently approved national minimum wage for Nigerian workers
The lawmakers expeditiously adopted all prayers in the bill and approved the recommendations, which increased the minimum wage from 30,000 naira to 70,000 naira and reduced years of review from 5 to 3 years.
In a related development, the Senate has approved the appointment of Dr. Olatunji Bello, as the Chief Executive Officer/Executive Vice-Chairman of Federal Competition and Consumer Protection Commission (FCCPC).
The confirmation was sequel to the consideration of the report of the Committee on Trade and Investment chaired by. Senator Sadiq Suleiman, (APC, Kwara North).
The Senate also approved the appointment of Dr. Jobson Eseodion Ewalefoh for Appointment as the Director-General, Infrastructure Concession Regulatory Commission (ICRC).
