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President Bola Ahmed Tinubu submitted the ₦70,000 Minimum Wage bill to the House of Representatives for review and passage into law.
The bill aims to formalise the ₦70,000 minimum wage recently agreed upon by organised labour, the private sector, and the federal government after extensive negotiations.
In a letter read on Tuesday, July 23, by Speaker Tajudeen Abbas on the House floor, President Tinubu outlined the provisions for a new national minimum wage and the legal framework for its implementation.
He urged lawmakers to expedite the bill's passage to enable immediate implementation for the benefit of Nigerian workers.
How FG, organised labour reached compromise
President Tinubu's move is on the heels of reaching an agreement with the organised labour unions.
Pulse reports that the organised labour unions accepted the ₦70,000 minimum wage despite demanding ₦250,000.
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) confirmed that a compromise on the ₦70,000 minimum wage was reached to alleviate further hardship on Nigerians.
According to Ajaero, labour accepted the new proposal because of the ₦70,000 figure and the other favourable terms attached to it.
"What has been announced in terms of the amount of N70,000 happened to be where we are now. But the cool thing about it is that we will not wait for another five years to come on review.
"Rather than settling on a figure that we wait for five years, it's like we'll have to now negotiate even two times within five years.
"That is one of the reasons why we decided to reach where we are today. Because of the proviso that we can review in the next three years," he said.
In another letter presented at the lower chamber, the President requested an amendment to the Nigeria Police Act, as stipulated by section 58 of the 1999 Constitution (as amended).
This amendment addresses the appointment and tenure of the Inspector General of Police.