President Tinubu Signs ₦70K Minimum Wage Bill into Law

President Bola Tinubu has officially signed the long-awaited Minimum Wage Bill into law, ending months of negotiation with the Labour Union in Nigeria.

With the signing, which took place at the State House in Abuja on Monday, July 29, 2024, Nigeria’s minimum wage has now been increased from ₦30,000, to ₦70,000.

The signing was attended by key figures including the President of the Senate, Godswill Akpabio, and Deputy Senate President, Barau Jibrin.

Although the new wage represents a substantial development in the ongoing efforts to improve wage standards and enhance the livelihood of Nigerian workers, it is still one of the lowest in Africa, considering that the country’s currency has depreciated in recent months and now trades below ₦1,500 to one dollar.

Also Read: How Nigeria’s Proposed ₦615k Minimum Wage Compares To Other African Countries

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This signing of the new minimum wage bill comes after months of intensive discussions and negotiations between the Federal Government, labor unions, and the private sectors. The new law is set to address longstanding wage concerns and aims to provide fairer compensation for workers across the Nation.

More details to follow.