In a landmark decision, the Senate has passed the National Minimum Wage Bill, 2024. The bill, which was forwarded by President Bola Tinubu, received approval during its first, second, and third readings on Tuesday.
President Tinubu emphasized that the bill not only prescribes a new national minimum wage but also establishes a legal framework for its periodic review. The new minimum wage set by the bill is N70,000, a substantial increase from the previous N30,000.
Furthermore, the bill reduces the interval for reviewing the minimum wage from five years to three years, ensuring more frequent adjustments to better reflect the economic conditions and cost of living.
The passage of this bill marks a significant step towards improving the livelihoods of workers across the nation, demonstrating the government’s commitment to enhancing economic welfare and ensuring fair compensation.
