In a significant development, President Bola Tinubu has officially signed the National Minimum Wage Amendment Bill 2024 into law.
This landmark legislation, reviewable every three years, establishes a new minimum wage of N70,000, following a tripartite agreement between the government, private sector, and organized labour.
The signing ceremony took place at the State House in Abuja on Monday, during a Federal Executive Council meeting.
The National Assembly had swiftly passed the bill, paving the way for its enactment.
President Tinubu expressed gratitude to the National Assembly for their prompt action in passing the bill.
Senate President Godswill Akpabio and other National Assembly leaders were present to witness the signing, underscoring the legislative and executive collaboration on this crucial issue.
The Head of Service commented on the new law, stating that it would undoubtedly reassure workers across the country of the government’s commitment to their welfare.
The triennial review clause in the bill ensures that the minimum wage remains fair and responsive to economic changes.
This amendment marks a significant step in addressing the economic challenges faced by Nigerian workers, highlighting the administration’s focus on improving living standards and supporting the workforce.