'New Minimum Wage Law Mandates All Employers To Pay N70, 000'

          President Bola Tinubu 

President Bola Tinubu has signed the new minimum wage bill into law, mandating all employers to pay at least N70, 000 to workers.

News Rider reports that the new minimum wage was endorsed by the leadership of two labour unions,  comprising Trade Union Congress and Nigeria Labour Congress. 

Tinubu, who signed the bill on Monday at the State House in Abuja, was surrounded by the Senate President, Godswill Akpabio and other National Assembly leaders.

According to the new law, the sum of N70, 000 was set aside as a national minimum wage for both the public and private sectors.

Addressing journalists, Akpabio commended President Tinubu for increasing the minimum wage, adding that the new wage mandated both the public and private sectors to pay workers at least, N70, 000.

He said: "We are not only doubling the minimum wage, we have added something on top. Initially, it was N30,000, now it is N70,000.

“I’m ecstatic. I’m excited about the Nigerian worker, and the national minimum wage amendment is for the whole nation, for the Federal Government, the States, the Local Governments, the private sector, and even for individual employers.

“Like I said, this is minimum, this is not maximum. Any employer that has a capacity can pay as much as you want. But no Nigerian worker will offer services and be paid anything less than 70,000 from today. That is the implication of this act. It applies all over the nation. And we are excited that this is happening at a time like this through President Bola Ahmed Tinubu, a man who cares for the Nigerian workers. And you’ve seen what we are doing in the National Assembly."

Akpabio stated that the entire Federal lawmakers supported the bill and passed it in one day. 

“When it came, the entirety of the National Assembly moved and passed the bill one day out of excitement. We felt that this was not something we could delay. So, I think the workers are happy.

The Speaker of the House of Representatives, Hon Abbas Tajudeen was also part of the lawmakers that witnessed the signing of the bill. 

Represented by the House Leader, Hon Julius Ihonvbere, he disclosed that the bill is an indication that President Tinubu loves and cares for Nigerians.

"This is an action from the President to show that he cares about the Nigerian people.

"In addition to signing the Northeast Development Commission, the North West Development Commission and Southeast Development Commission, this has never happened in Nigeria.

"So, I think this movement from N30,000 to N70,000 and reducing the negotiation (from five to three) years is a clear demonstration of a commitment to redirect, refocus and reposition Nigeria for greatness," he added. 

Despite the raise on minimum wage, Nigerians are in a quagmire as the new wage is too meager compared to the present cost of living across the country.