Senate passes N30,000 to N70,000 minimum wage bill – TrendyNewsReporters

The Senate has approved a bill that seeks to amend the National Minimum Wage Act, 2019, to increase the National Minimum Wage from N30,000 upwards to the sum of N70,000

The Senate on Tuesday also approved a bill that, among other things, seeks to reduce the time for the periodic review of the national minimum wage from five (5) years to three (3) years, and for related matters.

Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central, has introduced a bill 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, 2024 (SB. 550).

The executive bill forwarded to the Senate by President Bola Tinubu was presented for first reading, then scaled down for second reading, read for the third time and passed.

In his lead debate on the general principles of the bill, Senator Bamidele said: “Mr. Speaker, 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, among other things, seeks 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 (5) years to three (3) years, and related matters.

“The bill was read for the first time today, 23 July 2024.

“You will recall, Mr. President, my dear colleagues, that in recent times there has been a plethora of agitations and clamoring by the Organized Trade Union and another segment of our society, for an increase in the national minimum wage given the prevailing economic situation in the country. In response to the agitations and after a series of negotiations between the Federal Government and the Organized Trade Union, the current national minimum wage of only 30,000 Naira has been revised upwards to the sum of only 70,000 Naira.