THE Senate has passed a bill that  seeks to amend the National Minimum Wage Act, 2019, to increase the National Minimum Wage from N30,000  upward to the sum of N70,000.

Also passed by the Senate on Tuesday is a bill, inter alia  that seeks to  reduce the time for periodic review of the National Minimum Wage from Five (5) years to Three (3) years, and for Related Matters.

A  Bill for  an Act to Amend the National Minimum Wage Act, 2019 to increase the National Minimum Wage and reduce the time for periodic review of the national minimum wage from five years to three years and for related matters, 2024, 2024 (SB. 550) was presented by the Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central.

The Executive bill forwarded to the Senate by President Bola Tinubu in a letter to the President of the Senate yesterday, was first presented for first reading, then scaled second reading and was read the third time and passed.

In his lead debate on the general principles of the bill, Senator Bamidele said, “Mr. President, Distinguished colleagues, I humbly rise to lead the debate on the general principles of the National Minimum Wage (Amendment) Bill, 2024 (SB. 550). The Bill, inter alia seeks to amend the National Minimum Wage Act, 2019, to increase the National Minimum Wage and reduce the time for periodic review of the National Minimum Wage from Five (5) years to Three (3) years, and for Related Matters.

“The Bill was read for the First Time today, 23rd  July, 2024.

“You will recall, Mr. President, my dear Colleagues, that in recent time, plethora of agitations and clamour have been recorded from Organised Labour and other segment of our society, for increase in the National Minimum Wage in view of the prevailing economic situation in the country. In response to the agitations and after series of negotiations between the Federal Government and the Organised Labour, the current National Minimum Wage of N30,000 Naira only has been reviewed upward to the sum of N70,000 Naira only.

“This is part of the Federal Government’s short-term measure to mitigate the situation in the country as efforts are being made to bring about long-term solutions that would align with the yearnings and aspirations of Nigeriars and bring succour to the country, generally.

READ ALSO: Amendments to the Finance Act, 2024: 50% levy meant for banks only, not Nigerians, FG clarifies
“Accordingly, I hereby urge you all to support the quick passage of this Bill as its passage is sacrosanct to the socio-economic and political wellbeing of this country.”

Provisions of the bill that were retained by the Senate are as follows: “Principal Act’) is amended as set out in this Bill.

“Amendment of Section 3. The Principal Act is amended as set out under this Bill: (a) Section 3 (1) of the Principal Act is amended by substituting for the figure, “N30,000”, the figure, “N70,000” in line one; and

“( b) Section 3 (4) of the Principal Act is amended by substituting for the words “five years”, the words “three ears”.

” This Bill may be cited as the National Minimum Wage Amendment Bill, 2024.”