National Telescope national telescope newspaper
By Taiwo Niyi
President Bola Ahmed Tinubu has officially signed the new Minimum Wage Act, mandating all employers to pay a minimum salary of N70,000.
The law, passed by the National Assembly last week, was signed during a brief ceremony before the ninth Federal Executive Council (FEC) meeting at the State House in Abuja.
The event was attended by key figures, including Senate President Godswill Akpabio and other National Assembly leaders.
President Tinubu expressed gratitude to the National Assembly for their prompt action, stating, “I appreciate the quick action taken on this important matter.”
Senate President Akpabio announced that an amendment to the 2024 Appropriation Act would be finalised by tomorrow to fund the new wage.
He emphasised that the N70,000 minimum wage applies across the entire country, encompassing federal, state, and local governments, as well as the private sector.
Akpabio added, “This is the minimum amount. Employers with the capacity are welcome to pay more.”
Last week, President Tinubu approved the N70,000 wage, with plans to review the law every three years.
Head of Service Mrs. Folashade Yemi-Esan noted that the increase would help alleviate workers’ dissatisfaction.
Attorney-General, Lateef Fagbemi (SAN) urged the National Assembly to expedite the 2024 Budget amendment required for the wage increase, highlighting the law’s significant impact on workers’ welfare.
Finance Minister, Wale Edun described the occasion as historic, assuring that efforts would be made to ensure swift implementation.
The Federal Government confirmed that extensive consultations had been conducted to ensure compliance with the new law.
Minister of State for Labour, Mrs. Nkeiruka Onyejeocha, described the law’s passage as a reflection of broad stakeholder agreement and strong leadership. The government is also considering backdating the wage increase to May 2024.
Senate President Akpabio praised President Tinubu for his commitment, while House Speaker Tajudeen Abbas commended the President’s dedication to improving workers’ lives.
The Trade Union Congress (TUC) welcomed the new wage law and urged the National Salaries, Incomes, and Wages Commission (NSIWC) to establish a fair adjustment template.
The TUC also called on states and local governments to implement the wage promptly to enhance workers’ purchasing power.
