The National Minimum Wage Amendment Act, which introduces a new N70,000 national minimum wage, has been passed into law by the Senate.
The executive bill, which was received from the executive arm of government, seeking amendment to the Act to enable upward review of workers’ salaries, was laid for first reading.
Reading the general principles of the bill, Senate Leader Bamidele Opeyemi also explained that the bill, if passed, would reduce the period of review of the minimum wage from five years to three years in line with economic realities, given that the Act was last amended in 2019.
Senators were unanimous on the need to approve the bill, which followed negotiations between the executive and organized labour.
The Senate immediately passed the bill for second reading after which senators dissolved into the committee of the whole for its passage for the third reading