Bola Ahmed Tinubu Signs New ₦70,000 Minimum Wage Bill Into Law

Credit: Bola Ahmed Tinubu/Instagram

The president of Nigeria, Bola Ahmed Tinubu has officially signed the new minimum wage bill into law. This follows months of extensive discussions between the federal government, labour unions and the private sector. Earlier this month, the president approved a ₦70,000 minimum wage for Nigerian workers during a meeting with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

The signing took place today during the Federal Executive Council (FEC) meeting at the State House in Abuja, following the National Assembly’s passage of the ₦70,000 minimum wage bill.

The new minimum wage replaces the previous ₦30,000. In June, the labour unions went on strike, protesting a lack of agreement on a new minimum wage and a recent hike in electricity tariffs. Days later, the strike was suspended to allow for uninterrupted negotiations with the government.

Initially, labour unions demanded ₦494,000 as the minimum wage but later reduced their request to ₦250,000 after extensive negotiations. The federal government then proposed ₦62,000 before settling on the recently approved ₦70,000.

According to the president’s special adviser on information and strategy, Bayo Onanuga, the new minimum wage law includes a commitment to review the national minimum wage every three years.