Tinubu Signs New N70,000 Minimum Wage into Law

By Adedapo Adesanya

President Bola Tinubu has signed the minimum wage bill into law after it was passed by the National Assembly last week, ending months of deliberations among government authorities, labour unions, and the private sector.

He signed it at the State House in Abuja on Monday, increasing the National Minimum Wage from N30,000 to N70,000.

The new law comes as the cost of living soars in Nigeria. The country’s inflation figure hit 34.19 per cent in June 2024, according to the National Bureau of Statistics (NBS).

A National Assembly delegation led by the President of the Senate, Mr Godswill Akpabio, and some members of the House of Representatives were around to witness the event.

The Special Adviser to the President on Senate Matters, Mr Basheer Lado, said in a statement that, “The signing of the minimum wage bill into law by President Bola 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,” he added.

After a series of deliberations with labour unions wanting as high as N490,000, the parties finally agreed to the N70,000. The labour unions said they opted for that so the country would not increase the petrol prices.

“We are happy to announce today that both the organised labour and the Federal Government have agreed on an increase in the N62,000 minimum wage.

“The new national minimum that Mr President is expected to submit to the National Assembly is N70,000,” the Minister of Information, Mr Mohammed Idris, told State House correspondents after a meeting between government officials, and labour leaders on Thursday, July 18.

The N70,000 new minimum wage will also be reviewed every three years, meaning a new wage will likely be announced in 2027.

After the truce, President Tinubu immediately transmitted the bill to the parliament for passage and the lawmakers wasted no time in doing that, passing the bill speedily in one sitting.