All employers of labor are henceforth mandated to pay a minimum salary of N70,000, as stipulated by the new Minimum Wage Act.
This legislation took effect yesterday following President Bola Ahmed Tinubu’s assent to the Bill, which was passed last week by the National Assembly.
The President signed the Bill during a brief ceremony held before the ninth Federal Executive Council (FEC) meeting of the year, at the Council Chambers of the State House, Abuja.
The ceremony was attended by the leadership of the National Assembly, including Senate President Godswill Akpabio.
In his remarks, the President expressed gratitude to the National Assembly for their swift action on the Bill, stating, “All I can say is thank you very much for the expeditious passage.”
Senate President Akpabio assured that the amendment to the 2024 Appropriation Act would be completed by tomorrow.
He emphasized that the new minimum wage applies universally—across the Federal Government, states, local governments, the private sector, and individual employers.
“This is the minimum; any employer with the capacity can pay more, but no Nigerian worker will earn less than N70,000 from today,” he asserted.
Last week, the President had approved N70,000 as the new minimum wage and pledged to review the law every three years.
Head of Service of the Federation, Mrs. Folashade Yemi-Esan, indicated that this approval would alleviate worker tensions.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), urged the National Assembly to expedite the budget amendment necessary to fund the new minimum wage.
Fagbemi noted the timely nature of the legislation, highlighting that it significantly improves the welfare of Nigerian workers by more than 200 percent.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the occasion as historic and crucial, assuring that efforts will be made for the prompt implementation of the Minimum Wage Act.
The Federal Government addressed concerns about compliance, noting that extensive negotiations and consensus-building from February to July ensured all stakeholders were involved.
Read Also: Hardship: Nigerians entitled to peaceful protest — Presidency
Minister of State for Labour, Mrs. Nkeiruka Onyejeocha, confirmed that the legislation has passed through due process, and compliance is expected due to the strong leadership and cooperation among stakeholders.
She also mentioned that backdating the wage adjustment to May 2024 is under consideration.
Senate President Akpabio praised President Tinubu for his commitment to workers and noted the National Assembly’s swift passage of the bill, which he described as a significant day for Nigerian workers.
House of Representatives Speaker Tajudeen Abbas, represented by Prof. Julius Ihonvbere, commended the President for his attention to the welfare of Nigerians, highlighting the increase in the minimum wage as a clear demonstration of commitment to national progress.
The Trade Union Congress (TUC) welcomed the new law and urged the National Salaries, Incomes and Wages Commission (NSIWC) to develop a fair consequential adjustment template.
TUC President Festus Osifo also called on states and local governments to promptly implement the new wage to boost workers’ purchasing power.
