The National Minimum Wage Amendment Act has been passed into law by the Senate.
The executive bill which introduces a new N70,000 national minimum wage, was received from the executive arm of government, seeking an amendment to the Act to enable upward review of workers’ salaries, and was laid for first reading.
Senate Leader Bamidele Opeyemi while reading the general principles of the bill, explained that the bill, if passed, would reduce the period of review of the minimum wage from five years to three years in line with economic realities, given that the Act was last amended in 2019.
Senators were unanimous on the need to approve the bill, which followed negotiations between the executive and organized labor.
The Senate immediately passed the bill for second reading after which senators dissolved into the committee of the whole for its passage for the third reading
