Following its transmission by President Bola Tinubu, the new national minimum wage bill has been passed into law successfully by the Senate.
The new national minimum wage agreement reached last week between Labour leaders and the Federal Government has prompted this legislative action.
President Tinubu has sent a letter requesting concurrence from the House of Representatives for the newly passed bill.
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The new bill includes a noteworthy alteration that mandates wage reviews after every three years, deviating from the earlier practice of conducting these reviews once in five years.
The objective of the latest minimum wage is to ease Nigeria’s economic difficulties by offering a timely and responsive means for adjusting employee salaries in accordance with rising inflation rates and cost-of-living expenses.
