The new minimum wage has gone into effect as Tinubu gives a key approval.
Eko Hot Blog reports that President Bola Tinubu has signed the minimum wage bill into law.
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While it was not immediately clear when the federal and state governments will start paying the new minimum wage, it will be paid to workers retroactively from May 2024.
The president gave assent to the bill on Monday in the council chamber of the State House, in the middle of the federal executive council (FEC) meeting.
The council suspended the meeting to allow the leadership of the national assembly, led by Senate President Godswill Akpabio, to witness the signing of the bill.
Last Tuesday, the senate and house of representatives passed the new minimum wage bill.
The bill passed first (President Bola Tinubu’s request), second (debate on general principles), and third readings — all within an hour — in the upper and lower legislative chambers.
The legislation increased the country’s minimum wage from N30,000 to N70,000.
The law also provides for a review of the minimum wage every three years.
The last minimum wage of N30,000 was signed by former President Muhammadu Buhari in 2019.
Prior to the enactment of the new minimum wage act, the federal government and organised labour held a series of meetings.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had embarked on a strike over a review of the minimum wage.
FURTHER READING
In May, the Federal Government said workers will not lose anything amid the negotiations as the new minimum wage will take effect from May 1, 2024.
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