Breaking: Approval Of Increase in Minimum Wage From N30,000 to N70,000 by The Nigerian Senate Was Made Possible.

The Nigerian Senate has effectively passed a measure to alter the National Minimum Wage Act of 2019, which is a significant achievement. The existing minimum wage is N30,000; the proposed amendment will raise it to N70,000. 

It should be noted that the Senate has approved a reduction in the minimum wage review period from five to three years. A report published on July 23, 2024 by Vanguard News states that Senator Opeyemi Bamidele introduced the bill, officially named "A Bill for an Act to Amend the National Minimum Wage Act, 2019 to increase the National Minimum Wage and reduce the time for periodic review of the national minimum wage from five years to three years and for related matters, 2024 (SB. 550),"was made available by Senator Opeyemi Bamidele, the All Progressives Congress member and Senate Leader for Ekiti Central (APC).

The Senate has successfully passed the bill after it went through several readings. President Bola Tinubu first presented it as an executive law to the Senate. Senator Bamidele underlined the need to modify the federal minimum wage in light of the current economic climate and the multiple demands from organized labor and other societal sectors during the discussion on the bill's main principles. The Federal Government and organized labor reached an agreement to increase the current minimum wage from N30,000 to N70,000.