The Senate on Tuesday passed the bill to amend the National Minimum Wage Act, 2019 from N30,000 to the agreed sum of N70,000.
The Upper Chamber also reduced the timeframe for the review of the Minimum Wage from five years to three years to reflect the agreement reached between the organized labour and the Federal Government.
The Senate Leader, Senator Opeyemi Bamidele, representing APC, (Ekiti Central), presented the Bill for an Act to Amend the National Minimum Wage Act, 2019 to increase the National Minimum Wage and reduce the time for periodic review of the national minimum wage from five years to three years and for related matters, 2024, 2024 (SB. 550) on Tuesday.
The Executive bill which the President sent to the Senate received express attention as it was presented for the first reading, and scaled the legislation hurdles of second reading and third reading and passed immediately.
Senator Bamidele who presented the bill said, “Mr. President, Distinguished colleagues, I humbly rise to lead the debate on the general principles of the National Minimum Wage (Amendment) Bill, 2024 (SB. 550). The Bill, inter alia seeks to amend the National Minimum Wage Act, 2019, to increase the National Minimum Wage and reduce the time for periodic review of the National Minimum Wage from Five (5) years to Three (3) years, and for Related Matters.
“The Bill was read for the First Time today, 23rd July, 2024.
“You will recall, Mr. President, my dear Colleagues, that in recent times, a plethora of agitations and clamours have been recorded from Organised Labour and another segment of our society, for an increase in the National Minimum Wage given the prevailing economic situation in the country. In response to the agitations and after a series of negotiations between the Federal Government and the Organised Labour, the current National Minimum Wage of N30,000 Naira only has been reviewed upward to the sum of N70,000 Naira only.”