In a landmark move, the Senate has passed the National Minimum Wage Amendment Act, introducing a new national minimum wage of N70,000.
The executive bill, which was presented to the Senate, seeks to amend the existing Act to enable an upward review of workers’ salaries. Senate Leader Bamidele Opeyemi explained that the bill aims to reduce the review period from five years to three years, considering economic realities.
Senators unanimously agreed on the need to approve the bill, which followed negotiations between the executive and organized labour. The bill was passed for second reading and subsequently for third reading after senators dissolved into the committee of the whole.
The passage of the bill is expected to improve workers’ welfare and boost the economy. The National Minimum Wage Amendment Act is a significant step towards ensuring fair compensation for Nigerian workers.
