The Senate has approved a bill to amend the National Minimum Wage Act, 2019, raising the national minimum wage from N30,000 to N70,000. Additionally, the bill reduces the periodic review of the minimum wage from five years to three years.
The bill, titled “A Bill for an Act to Amend the National Minimum Wage Act, 2019 to increase the National Minimum Wage and reduce the time for periodic review of the national minimum wage from five years to three years and for related matters, 2024 (SB. 550),” was presented by Senate Leader Senator Opeyemi Bamidele (APC, Ekiti Central).
Originally proposed by President Bola Tinubu, the executive bill progressed rapidly through the legislative process, passing the first, second, and third readings before being approved by the Senate.
During the debate, Senator Bamidele emphasised the importance of the amendment, stating, “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 seeks to amend the National Minimum Wage Act, 2019, to increase the national minimum wage and reduce the time for periodic review from five years to three years.”
Senator Bamidele highlighted the recent surge in demands from organized labor and various societal segments for an increased minimum wage due to the prevailing economic conditions. “In response to these agitations and after a series of negotiations between the Federal Government and organized labor, the current national minimum wage of N30,000 has been reviewed upward to N70,000,” he stated.
The bill was read for the first time on July 23, 2024, and swiftly advanced through subsequent readings, reflecting the urgency and importance of the matter.
