New Minimum Wage Bill Signed Into Law By Senate

New Minimum Wage Bill Signed Into Law By Senate

The Senate passed the new national minimum wage bill into law today, responding to President Bola Tinubu’s request. The upper legislative chambers approved the bill on Tuesday, July 23rd, and await concurrence from the House of Representatives, as per President Tinubu’s communication……. CONTINUE READING 

During today’s session, the bill underwent first, second, and third readings consecutively in plenary.

Upon enactment, the bill mandates a new minimum wage of ₦70,000 for Nigerian workers. Notably, it includes a provision for a review every three years, replacing the previous five-year interval.

Regarding implementation, the presidency has confirmed that the new minimum wage is slated to take effect from April 2024. Dada Olusegun, Special Assistant to President Bola Tinubu on Social Media, conveyed this information, noting that workers will receive arrears from this period onwards.

President Tinubu has formally transmitted the National Minimum Wage Bill to the House of Representatives for their deliberation and approval.

“The new minimum wage bill, once signed into law, will come into effect in April 2024, with workers receiving arrears from that time,” Olusegun affirmed in his update.