Abuja, Nigeria – President Bola Tinubu signed into law the National Minimum Wage Amendment Bill 2024, with a new minimum wage of N70,000. The move represents the coming into effect of the significant legislative action taken at Monday’s Federal Executive Council meeting, July 29, 2024.
This bill, when it becomes law, is a far-reaching improvement upon the previous minimum wage, which the government had posited as a response to the continuous economic hardships in Nigeria and the agitations of the Nigerian workforce for improved living wages. It is likely to involve millions of workers across all sectors, with the intention of improving their purchasing power and standard of living.
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In an address, President Tinubu described the amendment as a very major step towards social and economic equity. “This new minimum wage is a testament to our commitment to improving the lives of Nigerian workers and to ensuring that they get a fair deal for their hard work,” he stated.
The decision to sign the bill was reached after consultations with various principal stakeholders, including trade unions, associations of employers, and experts in economics. By and large, the move by the government has been welcomed by different groups that have been lobbying for wage increases, which they say should at all times reflect the ever-rising cost of living and inflationary rates.
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The Federal Executive Council meeting saw many ministers and high-ranking officials turn out in support of the legislation by appending their signatures to the bill. The bill’s provisions are expected to come into effect immediately, with measures to ensure compliance by all employers in the country.
The move by the president has been hailed as a victory by labor unions to the entire Nigerian workforce. Statements commending the action of government were issued by the NLC and TUC and appealed that the actions be implemented very fast to ensure workers start benefiting without further delays.
Some economic analysts, however, pointed out that the increase may badly hurt SMEs, who might not be in a position to pay such a minimum wage. They cautioned that while the increment was long overdue, the government will have to support businesses in the implementation of the new wage with a view toward avoiding massive job losses and company closures.
