President Bola Tinubu has on Monday signed the new National Minimum Wage (Amendment) Bill 2024 into law.
He signed it at the Council Chamber of the Presidential Villa, on Monday days after the National Assembly had passed the N70,000 per month minimum wage bill. The bill increases the national minimum wage from ₦30,000 to ₦70,000 and reduces the review period from five years to three years.
President Tinubu expressed gratitude to the National Assembly for their swift action in approving the law, which aims to benefit Nigerian workers.
The brief ceremony was witnessed by the President of the Senate, Godswill Akpabio, and Deputy Senate President, Barau Jibrin, among others.
Recall that the Nigerian Senate and the House of Representatives, on Tuesday, passed the new minimum wage bill into law.
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 period review of the national wage from five years to three years and for related matters 2024,” the bill amended the Section 3 (4) of the Minimum Wage Act No. 8 of 2019 substituting the figure N30,000 with N70,000.
Section 3 (4) of the Principal Act was also amended by substituting five years with three years.
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