Breaking News: President Tinubu signs new minimum wage bill into law

The new Minimum Wage Act was officially signed into law by President Bola Tinubu on Monday. At 2:00 PM, today the 29th day of July, 2024, in the Council Chamber of the Presidential Villa in Abuja, Tinubu signed the new legislation.  Among those present during the brief event were Godswill Akpabio, the Senate President, and Barau Jibrin, the Deputy Senate President.

In a historic move, President Bola Tinubu has signed the new minimum wage bill into law, effectively raising Nigeria's national minimum wage from ₦30,000 to ₦70,000. The signing took place at the State House in Abuja on Monday, following the National Assembly's passage of the Minimum Wage Act, 2019.

A delegation from the National Assembly, led by Senate President Godswill Akpabio and several House of Representatives members, attended the event, marking a significant milestone in Nigeria’s economic policy.

Special Adviser to the President on Senate Matters, Basheer Lado, described the signing as a fulfillment of Tinubu's campaign promise. “The signing of the minimum wage bill into law by His Excellency, President Bola Ahmed Tinubu is both a promise kept and a demonstration of his people-centric governance model,” Lado stated. “Tinubu promised to pay a living wage to Nigerian workers during his electioneering campaigns and he has kept that promise.”

Video;

Moment President Tinubu signed the National Minimum Wage 2024 Act into law on Monday 29 July 2024 pic.twitter.com/hDBvtvHKEd — Bayo Onanuga (@aonanuga1956) July 29, 2024

This decision comes after months of negotiations between government authorities, labour unions, and the private sector. The discussions intensified following the removal of the fuel subsidy and the floating of the naira, which significantly increased the cost of living.

Initially, labour unions proposed a new minimum wage of ₦494,000, while the government countered with ₦60,000. Through continuous negotiations, the workers' demand shifted to ₦250,000, and the government offered ₦62,000. A consensus of ₦70,000 was finally reached on July 18.

“We are happy to announce today (Thursday) that both the organised labour and the Federal Government have agreed on an increase on the ₦62,000 minimum wage. The new national minimum that Mr President is expected to submit to the National Assembly is ₦70,000,” announced Minister of Information Mohammed Idris after a key meeting between government officials and labour leaders.

The information was also shared on X (formerly Twitter) by President Tinubu's Special Advisor of information and strategy, Bayo Onanuga. His tweet below;

National Minimum wage bill becomes law

President Bola Ahmed Tinubu today signed the new National Minimum Wage Amendment bill 2024 into law. The law which prescribes a minimum of N70,000 as monthly salary, is reviewable every three years.

President Tinubu signed the bill midway… pic.twitter.com/BlQKUVfYQw — Bayo Onanuga (@aonanuga1956) July 29, 2024

The new minimum wage will be subject to review every three years, ensuring it remains relevant to the economic conditions of the country. Following the agreement, President Tinubu promptly submitted the bill to the National Assembly, which swiftly passed it within a day.

Despite labour unions advocating for a better deal due to the rising cost of living, President Tinubu emphasized the importance of sustainability. “You have to cut your coat according to the available cloth. Before we can finalise the minimum wage process, we have to look at the structure,” Tinubu remarked during discussions with labour leaders.

The enactment of this law comes at a time when Nigeria's inflation rate has soared to 34 per cent as of June 2024, according to the National Bureau of Statistics (NBS). This increase in the national minimum wage is a critical step towards alleviating the financial burdens faced by Nigerian workers amid these challenging economic conditions.