The Nigerian Senate has passed the 2024 National Minimum Wage Amendment Act Bill, increasing the national minimum wage from N30,000 to N70,000 for Nigerian workers.
The bill was swiftly approved following its introduction by President Bola Tinubu on the same day.
The decision comes after months of negotiations between the government and labor unions, who had called for a significant increase in the minimum wage to address the rising cost of living.
The initial labor demand was for N494,000, which was later reduced to N250,000 before a compromise was reached at N70,000.
The new law also shortens the review period for the minimum wage from five to three years.
Senate Leader Opeyemi Bamidele emphasised the importance of the bill in addressing the economic challenges faced by Nigerians and urged swift implementation.
With this development, millions of Nigerian workers stand to benefit from the increased earnings.
