President Bola Tinubu on Monday signed the new Minimum Wage Act into law, pegging the minimum wage at N70,000, a significant increase from the previous N30,000.
The signing ceremony, which took place at the Presidential Villa, Abuja, was witnessed by top government officials, including the President of the Senate, Godswill Akpabio.
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President Bola Tinubu has signed the new Minimum Wage Act into law, setting a new benchmark of N70,000 as the minimum wage for Nigerian workers.
The signing ceremony took place at the Council Chamber of the Presidential Villa, Abuja, on Monday.
Akpabio, who addressed State House Correspondents after the signing ceremony, expressed excitement about the development, saying, “I’m ecstatic. I’m excited about the Nigerian worker and the national minimum wage amendment, which applies to the whole nation: The Federal Government, the states, the local governments, the private sector, and even individual employers.”
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He emphasized that the new minimum wage of N70,000 applies to all employers, stating, “No Nigerian worker will offer services and be paid anything less than N70,000 from today. That is the implication of this Act. It applies all over the nation.”
Akpabio also revealed that President Tinubu will sign the 2024 budget amendment bill into law on Wednesday, July 31, 2024, to finance the new minimum wage. The Senate had approved a ₦6.2tn amendment to the 2024 Appropriation Act, raising the year’s national budget from ₦28.7tn to ₦35.055tn.
