The N70,000 minimum wage was passed into law by the House of Representatives on Tuesday after a letter from President Bola Tinubu seeking approval.
The bill seeks to amend the National Minimum Wage Act, No. 8, 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.
Speaking in the letter which was read on the floor of the House, Tinubu asked the lawmakers to expedite the passage of the minimum wage bill to ensure immediate implementation for the benefit of workers in the country.
“The National Minimum Wage Act, No. 8, 2019 (in this Bill referred to as “the Principal Act”) is amended as set out in this Bill.
“The Principal Act is amended as set out under this Bill: (a) section 3(1) of the Principal Act is amended by substituting for the figure, “N30,000”, the figure,” N70,000 in line one; and (b) section 3(4) of the Principal Act is amended by substituting for the words, “five years”, the words, “three years”.
“This Bill may be cited as the National Minimum Wage (Amendment) Bill.”, details of the bill read.