- The President signs the new minimum wage bill into law after months of negotiations
- The bill will now be reviewed and increased every three years, as against the previous five-year interval
- National Assembly members were present to witness the event
After months of negotiations involving government authorities, labour unions, and the private sector, President Bola Tinubu signed the minimum wage bill into law on Monday, July 29, at the State House in Abuja.
This significant event was witnessed by a delegation from the National Assembly, headed by Senate President Godswill Akpabio and including House of Representatives members.
Minimum wage to be reviewed every three years
The minimum wage bill which was signed midway into the Federal Executive Council meeting will now be reviewed and increased every three years instead of the previous five-year interval.
Recall that the tripartite committee submitted two figures in its report to the President due to disagreements among the organised labour, government, and the private sector.
Tinubu appreciates the National Assembly for acting promptly
While organised labour insisted on N250,000, the government and private sector suggested N62,000.
President Tinubu however agreed to a payment of N70,000, up from the initial N62,000 offer.
The president thanked the National Assembly for their swift action in passing the law.
Increased minimum wage will add to inflationary pressure, lead to job cuts – Analyst
Meanwhile, TheRadar earlier reported that Ikemesit Effiong, an analyst at SBM Intelligence, pointed out that the new minimum wage would increase inflationary pressure in the country.
Among the expert insights he gave was that there may be job cuts, especially by private employers to meet the new and increased wage bill.