Nigeria’s Upper Legislative Chamber, the Senate, on Tuesday passed the new minimum wage bill barely a few hours after President Bola Tinubu’s request
By its provisions, the bill seeks to raise the country’s minimum wage from N30,000 to N70,000.
Leading a debate on the bill, the majority leader of the senate, Sen. Opeyemi Bamidele, said N70,000 was agreed upon by all the parties after negotiations, adding that is “part of the Federal Government’s short term measure to mitigate the situation in the country.”
In his contribution to the deliberation on the bill, the Chief whip of the Red Chamber, Sen. Tahir Monguno, said the need to review the minimum wage had become imperative in view of economic realities in the country.
He said: “The review of the minimum wage used to be after every five years. It is now every three years. There is a need to review it and bring it in tandem with the realities of society.”
Following this, the senate dissolved into the “committee of the whole” to approve clauses of the bill.
To ensure funding for the revised minimum wage, Tinubu had last week requested the National Assembly to increase the 2024 Appropriation Act by N6.2 trillion, adding that the N3.2 trillion is for infrastructure projects and N3 trillion for recurrent expenditure.
Justifying the Executive’s need for the supplementary budget on Monday before the House of Representatives Committee on Appropriations, the Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, said the N3 trillion was intended to cover the new national minimum wage.
