The Nigerian President, Bola Ahmed Tinubu has signed the newly approved N70,000 National Minimum wage into law.
The President assented to the bill on Monday during the Federal Executive Council meeting attended by the members of the Cabinet and the leadership of the National Assembly.
The Council suspended the meeting to allow the leadership of the National Assembly, led by Senate President Godswill Akpabio, to witness the signing of the bill.
Last Tuesday, the Senate and the House of Representatives had passed the new minimum wage bill.
The bill passed first (President Bola Tinubu’s request), second (debate on general principles), and third readings — all within an hour in the upper and lower legislative chambers.
The legislation increased the country’s minimum wage from N30,000 to N70,000.
The law also provides for a review of the minimum wage every three years.
The last minimum wage of N30,000 was signed by former President Muhammadu Buhari in 2019.
VON