The Nigerian Senate has expedited the passage of the new minimum wage bill, completing all three readings within a single hour on Tuesday. The bill, which was introduced at the request of President Bola Tinubu, sailed through its first, second, and third readings without delay.
The proposed legislation aims to significantly increase the national minimum wage from N30,000 to N70,000. During the debate on the bill, Senate Majority Leader Opeyemi Bamidele explained that the agreed-upon figure of N70,000 was the result of thorough negotiations among all relevant parties.
According to Senator Bamidele, the new minimum wage bill is a key component of the federal government’s short-term strategy to alleviate the current challenges facing the nation.
Speaking on the bill, Senator Tahir Monguno, Chief Whip of the Senate, there is a pressing need to adjust the minimum wage to reflect current economic conditions. Monguno noted that the frequency of minimum wage reviews has been increased, stating, “Previously, the minimum wage was reviewed every five years, but now it will be reviewed every three years to ensure it remains aligned with economic realities.”