President Bola Ahmed Tinubu has signed the National Minimum Wage Bill into law, establishing a new minimum monthly salary of ₦70,000 for all workers across Nigeria.
This represents a 133% increase from the previous amount of ₦30,000.
The legislation, which was swiftly passed by the National Assembly, also includes a provision for review every three years to ensure that wages can be adjusted to reflect changing economic conditions. The signing ceremony took place during the Federal Executive Council meeting on Monday.
Senate President Godswill Akpabio emphasized that the new national minimum wage applies to the Federal Government, states, local governments, the private sector, and even individual employers. He stated, “No Nigerian worker will offer services and be paid anything less than ₦70,000 from today.”
Akpabio praised President Tinubu’s commitment to the welfare of Nigerian workers, noting that the National Assembly expedited the passage of the bill due to their excitement about the increase. He appealed to the youth not to allow any group to mislead them politically and urged those attempting to foment trouble to exercise their right to protest peacefully.
Prof. Julius Ihonvbere, representing the Speaker of the House of Representatives, commended the President’s decision, stating that it demonstrates a clear commitment to redirecting, refocusing, and repositioning Nigeria for greatness.
The new minimum wage law is expected to provide much-needed relief for low-income earners in Nigeria, who have been struggling with rising inflation and the high cost of living. However, its implementation may also lead to increased market prices as business owners incorporate the higher labor costs into their pricing strategies
