The Senate President, Godswill Akpabio has assured that the amendment bill that seeks to fund the full implementation of the newly signed national minimum wage law will be expediously signed on Wednesday 31st July,2024.
The Bill is to amend the National Minimum Wage Act of 2019 to reduce the time for periodic review of the national minimum wage from five years to three years and fund the new salary with an additional N6.2 trillion.
Akpabio in an interview with State House correspondents yesterday emphasised that the implication of the newly signed wage act is to ensure that no Nigerian worker is paid below the approved N70,000. He stressed that it remains the minimum wage and not the maximum.
He said, “So I think this is a great day for the workers in the country. We are not only doubling the minimum wage, we have added something on top. Initially, it was N30,000, now it is N70,000.
“As I said, this is the minimum, this is not the 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“.
Recall that the House of Representatives approved an additional N6.2 trillion in spending for the 2024 budget on July 18th,2024.
Also on his part, speaking on behalf of the speaker of the House of Representatives, Prof Julius Ihonvbere praised the president‘s efforts in signing the new minimum wage.
„This is an action from the president to show that he cares about the Nigerian people,“ Ihonvbere said.
He highlighted the increase of the minimum wage from N30,000 to N70,000 and the reduction of the negotiation period from five years to three as clear indications of the administration‘s commitment.
„This movement is a clear demonstration of a commitment to redirect, refocus, and reposition Nigeria for greatness,“ Ihonvbere added.
He emphasized that such measures are critical in achieving sustainable development and improving the quality of life for all Nigerians.