Senate Passes Bill to Increase Minimum Wage to N70,000.
The Senate Passes 2024 National Minimum Wage Amendment Act Bill During Tuesday’s Plenary Session, Following the Presentation and Adoption of a Report by Senate Leader Opeyemi Bamidele (APC-Ekiti).”
The Bill was passed During Tuesday’s Plenary Session, Following the Presentation and Adoption of a Report by Senate Leader Opeyemi Bamidele (APC-Ekiti). The bill, transmitted by President Bola Tinubu on July 23, received accelerated consideration, including its first and second readings in Senate accordance with Senate Rule 80. Opeyemi, in his lead debate on the general principles of the bill, highlighted its aim to amend the National Minimum Wage Act, 2019.
According to Opeyemi Bamidele,the bill seeks to increase the national minimum wage and shorten the interval for periodic review from five years to three years.
He highlighted that recent agitations from organized labor and various segments of society, prompted by Nigeria’s economic challenges, led to negotiations resulting in an upward review of the current national minimum wage from N30,000 to N70,000.
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