The Senate has approved a bill that aims to amend the National Minimum Wage Act, 2019, raising the National Minimum Wage from N30,000 to N70,000.

Additionally, on Tuesday, the Senate passed a bill that seeks to shorten the interval for reviewing the National Minimum Wage from five years to three years, among other related matters.

A Bill for an Act to Amend the National Minimum Wage Act, 2019 to increase the National Minimum Wage and shorten the interval for periodic review from five years to three years and for related matters, 2024 (SB. 550), was presented by Senate Leader Senator Opeyemi Bamidele, APC, Ekiti Central.

The Executive bill, submitted to the Senate by President Bola Tinubu, was first read, then passed second reading, and finally read a third time and approved.

In his opening debate on the bill’s general principles, Senator Bamidele stated, “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 aims to amend the National Minimum Wage Act, 2019, increasing the National Minimum Wage and shortening the interval for periodic review from five years to three years, among other related matters.”

“The Bill was read for the First Time today, 23rd July, 2024.

“You will recall, Mr. President, my dear Colleagues, that recently, numerous agitations and demands have been made by Organised Labour and other sectors of society for an increase in the National Minimum Wage due to the current economic conditions. In response to these demands and after multiple negotiations between the Federal Government and Organised Labour, the current National Minimum Wage of N30,000 has been raised to N70,000.