National Minimum Wage: Senate passes 2024 Amendment Bill

The Senate on Tuesday at Plenary, passed the 2024 National Minimum Wage Amendment Act Bill.

This, followed Presentation and Adoption of a Report on the Bill, by Leader of the Senate, Opeyemi Bamidele (APC-Ekiti).

The Bill which was transmitted to Senate by President Bola Tinubu on July 23, was given accelerated consideration, resulting into its First and  Second Reading in line with Senate Rule 80.

Opeyemi in his Lead Debate on the General Principles of the Bill said it sought to amend the National Minimum Wage Act, 2019.

According to him, the Bill seeks to increase the National Minimum Wage and reduce the time for Periodic Review from five years to three years.

He said in recent times, plethora of agitations and clamour have been recorded from Organised Labour and other Segment of the Society for increase in National Minimum Wage, given prevailing Economic situation in Nigeria.

He said in response to agitations and after series of Negotiations between Federal Government and the Organised Labour, the current National Minimum Wage of N30,000 only has been reviewed upward to N70,000.

According to him, it is part of Federal Government’s Short-Term Measure to mitigate the situation in the Country, as efforts are being made to bring Long-Term Solutions that would align with yearnings and aspirations of Nigerians and bring succour.

Opeyemi urged Lawmakers to support the quick Passage of the Bill, adding that its Passage was sacrosanct to the Socio-Economic and Political Wellbeing of Nigeria.

On June 3, the Organised Labour went on Strike over the Minimum Wage Dispute.

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had proposed N494,000 as the new National Minimum Wage, citing Inflation and the prevailing Economic hardship in the Country.

But the Unions later reduced the amount to N250,000 after several Meetings.

On July 11, Leaders of Labour met with Tinubu at the Presidential Villa over the new Minimum Wage.

The Labour Leaders eventually accepted N70,000 as the new Minimum Wage for Workers. 

Credit NAN: Texts excluding Headline