The Senate Passes 2024 National Minimum Wage Amendment Act Bill
The Senate made a significant move on Tuesday by passing the 2024 National Minimum Wage Amendment Act Bill. This decision came after the presentation and adoption of a report on the bill by the Senate leader, Opeyemi Bamidele.
The bill, initially transmitted by President Bola Tinubu on July 23, received accelerated consideration, with its first and second reading in accordance with Senate Rule 80. The proposed amendment aims to increase the national minimum wage and reduce the interval for periodic reviews from five years to three years.
Opeyemi highlighted the pressing need for a minimum wage hike due to economic challenges in Nigeria, leading to negotiations between the Federal Government and organized labor. Following these talks, the current N30,000 minimum wage has been revised to N70,000 as a short-term solution.
The swift passage of this bill is crucial for Nigeria’s socio-economic welfare, as acknowledged by Opeyemi. The labor movement had initially proposed larger figures but eventually settled for the agreed-upon amount after discussions with the government.
Stay tuned for more updates on this crucial development, as reported by NAN.