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This development ends the months of deliberations between the Federal Government, the labour unions, and the private sector.
Tinubu signed the bill following the National Assembly passing of the Minimum Wage Act, 2019 to increase the National Minimum Wage from ₦30,000 to ₦70,000.
Following the signing, the Special Adviser to the President on Senate Matters, Basheer Lado described the development as a promise kept.
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“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.
“Tinubu promised to pay a living wage to Nigerian workers during his electioneering campaigns and he has kept that promise,” Lado said.
How labour settled for ₦70,000
The leadership of organised labour had initially proposed ₦494,000 as a new minimum wage but the government offered ₦60,000.
However, on July 18, the Federal Government and the unions agreed to increase the new minimum wage to ₦70,000.
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“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,” Mohammed Idris, the Minister of Information told journalists after the meeting between the government and labour leaders.
The new minimum wage which will be reviewed every three years was approved as the cost of living soars in Nigeria.
