President Tinubu Signs New Minimum Wage Bill into Law
Lagos, Nigeria — July 29, 2024
In a landmark move aimed at improving the standard of living for Nigerian workers, President Bola Tinubu today signed the New Minimum Wage Bill into law. The legislation, which had been the subject of intense debate in both chambers of the National Assembly, raises the national minimum wage from ₦30,000 to ₦70,000 per month.
The Head of Service said the new law will undoubtedly reassure the workers that the president cares about their welfare. President Tinubu thanked both chambers of the National Assembly for accelerating the signing of the bill into law.
The president signed the bill in the council chamber of the State House, in the middle of the Federal Executive Council, FEC, meeting. The council suspended the meeting to allow the leadership of the National Assembly, led by Senate President, Godswill Akpabio, witness the signing of the bill.
The federal government has reassured the public of compliance with the new minimum wage, emphasizing the extensive negotiations and consensus-building efforts undertaken from February to July.
Minister of state for labour, Nkeiruka Onyejeocha, gave the assurance while speaking with State House correspondents after Monday’s Federal Executive Council meeting.
“What should a Labour minister do when people don’t pay? The most important thing is that this minimum wage has been passed and that all Nigerians were involved – all the stakeholders, the governors, the representatives of the local government, which is ARGON, and, of course, the organised private sector and organised labour and the government itself.
“Conversations were held and it passed through the process, and it has become law,” Onyejeocha continued.
“I believe that we are responsible Nigerians and we want to promise Nigerians that we’re going to do that. When you have a strong leader, who has the goodwill of the people he governs and there is cooperation, I believe that everybody will comply with what is agreed upon” Onyejeocha affirmed.
Onyejeocha also confirmed that the Federal Government will honour its commitment to backdate the payment of the adjusted wages to May 2024 which would be a thing of great joy to the Nigerian labour populance. Nigerians are encouraged to believe in the goodwill of the administration and not take the news with the usual pinch of salt.
The private sector has also been preparing for the change. Companies have been urged to comply with the new wage structure to avoid penalties. Many business leaders have expressed support for the law, acknowledging that it will likely boost worker productivity and morale.
Economic analysts have weighed in on the potential impacts of the new minimum wage. While some are optimistic about its positive effects on consumer spending and economic growth, others have raised concerns about potential inflationary pressures and the ability of small businesses to absorb the increased labor costs.
The government has assured that it will monitor the implementation of the new minimum wage closely. The Ministry of Labor and Employment is expected to release guidelines to facilitate smooth compliance across all sectors.
As the nation adapts to this significant change, many Nigerians are hopeful that the new minimum wage will mark the beginning of a more prosperous era for the country’s workforce. The next few months will be crucial in determining how effectively the new law will be integrated into the Nigerian economy.
stay tuned for more!
Lagos, Nigeria — July 29, 2024
In a landmark move aimed at improving the standard of living for Nigerian workers, President Bola Tinubu today signed the New Minimum Wage Bill into law. The legislation, which had been the subject of intense debate in both chambers of the National Assembly, raises the national minimum wage from ₦30,000 to ₦70,000 per month.
The Head of Service said the new law will undoubtedly reassure the workers that the president cares about their welfare. President Tinubu thanked both chambers of the National Assembly for accelerating the signing of the bill into law.
The president signed the bill in the council chamber of the State House, in the middle of the Federal Executive Council, FEC, meeting. The council suspended the meeting to allow the leadership of the National Assembly, led by Senate President, Godswill Akpabio, witness the signing of the bill.
The federal government has reassured the public of compliance with the new minimum wage, emphasizing the extensive negotiations and consensus-building efforts undertaken from February to July.
Minister of state for labour, Nkeiruka Onyejeocha, gave the assurance while speaking with State House correspondents after Monday’s Federal Executive Council meeting.
“What should a Labour minister do when people don’t pay? The most important thing is that this minimum wage has been passed and that all Nigerians were involved – all the stakeholders, the governors, the representatives of the local government, which is ARGON, and, of course, the organised private sector and organised labour and the government itself.
“Conversations were held and it passed through the process, and it has become law,” Onyejeocha continued.
“I believe that we are responsible Nigerians and we want to promise Nigerians that we’re going to do that. When you have a strong leader, who has the goodwill of the people he governs and there is cooperation, I believe that everybody will comply with what is agreed upon” Onyejeocha affirmed.
Onyejeocha also confirmed that the Federal Government will honour its commitment to backdate the payment of the adjusted wages to May 2024 which would be a thing of great joy to the Nigerian labour populance. Nigerians are encouraged to believe in the goodwill of the administration and not take the news with the usual pinch of salt.
The journey to the new minimum wage has been a challenging one, marked by extensive negotiations and consultations among various stakeholders. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) played pivotal roles in advocating for the increase, arguing that the previous wage was insufficient to meet the rising cost of living.
The private sector has also been preparing for the change. Companies have been urged to comply with the new wage structure to avoid penalties. Many business leaders have expressed support for the law, acknowledging that it will likely boost worker productivity and morale.
Economic analysts have weighed in on the potential impacts of the new minimum wage. While some are optimistic about its positive effects on consumer spending and economic growth, others have raised concerns about potential inflationary pressures and the ability of small businesses to absorb the increased labor costs.
The government has assured that it will monitor the implementation of the new minimum wage closely. The Ministry of Labor and Employment is expected to release guidelines to facilitate smooth compliance across all sectors.
As the nation adapts to this significant change, many Nigerians are hopeful that the new minimum wage will mark the beginning of a more prosperous era for the country’s workforce. The next few months will be crucial in determining how effectively the new law will be integrated into the Nigerian economy.
stay tuned for more!