BREAKING: Senate Passes New Minimum Wage Bill, Raises Minimum Wage to N70,000

In a swift move, the Senate has passed the new minimum wage bill, raising the country’s minimum wage from N30,000 to N70,000, in response to President Bola Tinubu’s request. The bill passed its first, second, and third readings within an hour on Tuesday.

Opeyemi Bamidele, Senate Majority Leader, said, “This is part of the federal government’s short-term measure to mitigate the situation in the country.” He explained that N70,000 was agreed upon by all parties after negotiations. Tahir Monguno, Chief Whip, emphasized the need to review the minimum wage in line with economic realities, stating, “The review of the minimum wage used to be after every five years. It is now every three years… There is a need to review it and bring it in tandem with the realities of society.”

The Senate’s approval of the bill comes after President Tinubu requested a N6.2 trillion increase in the 2024 appropriation Act, with N3 trillion allocated for the new national minimum wage.

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Atiku Bagudu, Minister of Budget and Economic Planning, defended the request, stating that the N3 trillion is intended to cover the new national minimum wage.