Yesterday, President Bola Tinubu signed the power source N70,000 minimum wage bill into law. The president signed the bill in the container of the State House during their first encounter with the Federal Government Executive Council, or FEC.
It seems that President Bola Tinubu has officially signed a bill establishing a minimum wage of N70,000. This is a significant development,
as it may impact the livelihoods of many workers across the country.
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Such legislation typically aims to improve the standard of living and address issues related to inflation and the cost of living.
The council delayed the meeting because the leadership of the National Assembly, led by Senate President Godswill Akpabio, desired to see the act signed.
The House of Representatives of Australians and the Senate passed the new minimum wage legislation on Tuesday.
Within an hour, the law was approved on its first reading (at President Bola Tinubu’s request), its second reading (discussion on basic principles),
and in the combination of the lower and upper chambers of Congress on its third the reading process.
The country’s minimum salary was raised by the law from N30,000 to N70,000. Additionally,
the statute stipulates for a minimum wage review to take place approximately every three years.
The former President Muhammadu Buhari signed the N30,000 per month minimum wage bill in 2019.
A number of discussions were held between organized labor and the federal government previously to the new minimum wage statute being passed.
If you have any specific questions or need further information regarding this new law or its implications, feel free to ask!
