All employers of labour are mandated to pay N70,000 as the barest minimum in renumeration to employees according to the new Minimum Wage Act.
The law took effect on Monday, 30 July following President Bola Tinubu’s assent to the Bill passed last week by the National Assembly.
The President signed the Bill at a short ceremony before starting the ninth FEC meeting this year, at the Council Chambers, State House, Abuja. It was witnessed by the leadership of the National Assembly led by Senate President Godswill Akpabio.
The President thanked the National Assembly for speedily passing the bill, saying: “All I can say is thank you very much for the expeditious passage.” Akpabio assured that the amendment to the 2024 Appropriation Act will be ready tomorrow.
On how soon the amendment to the budget would be ready, Akpabio said: “We have gone very far with it and I expect that by Wednesday (tomorrow) it will be ready.” Expressing his excitement about the new law, the President of the Senate said: “I think this is a great day for the workers in the country.” The Trade Union Congress (TUC) hailed the President for signing the bill. Its President Festus Osifo urged the National Salaries, Incomes and Wages Commission (NSIWC) to come up with a just and fair consequential adjustment template.
The Labour leader also urged states and local governments to immediately implement the new wage to re-inflate the purchasing power of workers.
