President Bola Tinubu signed the new N70,000 minimum wage bill into law yesterday.
The president signed the bill in the council chamber of the State House, in the middle of the Federal Executive Council, FEC, meeting.
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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 House of Representatives 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.
Prior to the enactment of the new minimum wage act, the federal government and organised labour held a series of meetings.