President Bola Tinubu is poised to sign the new minimum wage bill into law after it was fast-tracked through both chambers of the National Assembly on Tuesday.
The bill, which establishes a ₦70,000 minimum wage and introduces a three-year review cycle, was quickly processed during separate sessions of the Senate and the House of Representatives. Both chambers completed the required readings and approved the bill through voice votes.
President Tinubu had earlier urged lawmakers to expedite the bill’s passage via a formal letter. The proposed legislation aims to formalize the ₦70,000 minimum wage agreed upon by organized labour, the private sector, and the government, while reducing the review period from five years to three years in line with Tinubu’s commitment to labour leaders.
During the sessions, Majority Leaders Senator Opeyemi Bamidele and Representative Julius Ihonvbere moved to suspend the rules for the immediate consideration of the bill’s second and third readings. The motions were seconded by House Minority Whip Hon. Ali Isa JC and unanimously approved by both chambers.
Senator Bamidele underscored the bill’s importance in amending the National Minimum Wage Act of 2019 and aligning wage adjustments with current economic conditions. The bill, now awaiting President Tinubu’s assent, will officially institute the new minimum wage and review cycle.