On Monday, the President of the Senate, Senator Godswill Akpabio, declared that the new national minimum wage applies across the entire nation. This announcement was made during the signing ceremony of the Minimum Wage Act (Amendment) Bill into law by President Bola Tinubu at the State House in Abuja.
Akpabio emphasized that the new minimum wage is applicable to the Federal Government, state and local governments, the private sector, and individual employers. He noted that the minimum wage has been increased from N30,000 to N70,000.
“This is a great day for the workers in the country. We are not only doubling the minimum wage, but we have also added something on top. Initially, it was N30,000; now it is N70,000. This is minimum, not maximum. Any employer that has the capacity can pay as much as they want. But no Nigerian worker will offer services and be paid anything less than N70,000 from today. That is the implication of this act. It applies all over the nation,” Akpabio stated.
The bill was swiftly passed by the National Assembly in one day out of excitement for the workers’ welfare. Akpabio also addressed those planning protests, urging them to exercise their right to protest peacefully without destabilizing the country.
He clarified that the current economic hardships were not caused by the Tinubu administration, which is only one year old, but were the result of years of insecurity that prevented farming and other economic activities.
“The government is doing what it should. And we, the leaders in the National Assembly, are addressing our various constituencies,” Akpabio added. He called on the youth not to be misled by any group into causing destruction, as it would only harm the country.
The bill to finance the new minimum wage has progressed significantly and is expected to be signed into law by Wednesday. The House leader, Prof. Julius Ihonvbere, representing the Speaker of the House of Representatives, Tajudeen Abbas, stated that the President’s signing of the minimum wage bill demonstrated his commitment to the Nigerian people.
“This movement from N30,000 to N70,000 and reducing the negotiation period from five to three years is a clear demonstration of a commitment to redirect, refocus, and reposition Nigeria for greatness,” Ihonvbere said.
President Tinubu had previously increased the Federal Government’s offer on the national minimum wage from N62,000 to N70,000, with a review period reduced from five years to three. The Federal Executive Council then mandated the Minister of Budget and Economic Planning to prepare a bill to amend the 2024 Budget.
A week later, Tinubu wrote to the Senate requesting amendments to the 2024 Appropriation Act and the 2023 Finance Act, increasing the budget by ₦6.2tn. The Senate approved the ₦6.2tn amendment, raising the national budget for the year from ₦28.7tn to ₦35.055tn.
