Tinubu Approves N70,000 Minimum Wage
President Bola Tinubu signed a new law yesterday that increases the minimum wage to N70,000. This event took place in the State House’s council chamber during a Federal Executive Council (FEC) meeting.
The meeting was briefly halted to allow Senate President Godswill Akpabio and other National Assembly leaders to witness the signing of the bill. This moment was significant, and the presence of these leaders highlighted its importance.
Last Tuesday, both the Senate and House of Representatives passed the new minimum wage bill. The bill quickly progressed through all three readings—request, general debate, and final approval—within just an hour in both legislative chambers.
The legislation boosts the country’s minimum wage from N30,000 to N70,000. In addition, it stipulates that the minimum wage will be reviewed every three years to ensure it remains appropriate.
The previous minimum wage of N30,000 was set by former President Muhammadu Buhari in 2019. This change marks a significant shift in wage policy for the country.
Before the new law was enacted, there were several meetings between the federal government and labor organizations to discuss and negotiate the terms of the new minimum wage.
