Nigerian Senate has swiftly passed the new minimum wage bill, completing all three readings in just one hour on Tuesday.
The bill, which was introduced at the request of President Bola Tinubu, progressed through its first, second, and third readings in rapid succession.
The legislation aims to increase the national minimum wage from N30,000 to N70,000.
According to Senate Majority Leader Opeyemi Bamidele, who led the debate on the bill, the proposed amount of N70,000 was unanimously agreed upon by all parties following negotiations.
Bamidele noted that “this increase is part of the federal government’s short-term measures to mitigate the country’s current situation.”
Chief whip, Tahir Monguno emphasised the need to review the minimum wage regularly, citing the shift from a five-year to a three-year review cycle.
“We must bring the minimum wage in line with economic realities,” Monguno stated.
After debating, the Senate dissolved into a “committee of the whole” to approve the bill’s clauses.
This development comes on the heels of President Tinubu’s request to increase the 2024 appropriation Act by N6.2 trillion, with N3 trillion allocated for recurrent expenditure, including the new national minimum wage.
Minister of Budget and Economic Planning Atiku Bagudu defended the president’s request before the House of Representatives Committee on Appropriations, explaining that “the N3 trillion will cover the increased minimum wage.”