Tinubu signs N70,000 new minimum wage bill into law

President Bola Tinubu on Monday signed the Minimum Wage Act (Amendment) Bill into law thus giving effect to the new national minimum of N70,000.

The signing was witnessed by principal members of the National Assembly led by Godswill Akpabio, the Senate president, who joined the Federal Executive Council (FEC) meeting at the State House, presided over by Tinubu.

It was the first time the legislature leadership would be joining the FEC meeting since President Tinubu took power on May 29, 2023.

A source close to the meeting told BusinessDay that the invitation to the NASS leadership which arrived at about 1.30pm, was impromptu, and was also in furtherance of ongoing efforts to dissuade Nigerians from the planned nationwide protest against bad governance in the country.

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“Their invitation was impromptu because they were not part of our agenda,” the source said.

Speaking to journalists after the signing, Akpabio said the national minimum wage was for the whole nation, having now become a law. He noted that the new minimum wage was for the federal, state and local governments, the private sector and even individual employers.

“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.

“Like I said, this is minimum, this is not 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 N70,000 from today.

“That is the implication of this act. It applies all over the nation. And we are excited that this is happening at a time like this through President Bola Ahmed Tinubu; a man who cares for the Nigerian workers,” he said.

He said the entirety of the National Assembly moved quickly and passed the bill in one day out of excitement.

“We felt that this was not something we could delay. So, I think the workers are happy.

“I want to use this opportunity to call on those who are attempting to foment trouble; that you have a right to protest. It is your fundamental right. It is there in the constitution.

“But you don’t have a right to destabilise the country. The right to protest should not be turned into the right to unleash violence. It’s very clear that people behind this are very amorphous, very faceless,” said Akpabio.

He said the current hardship experienced by Nigerians was not caused by the Tinubu administration, which was just one year old.

“It is the outcome of years of insecurity. Many people could not go to farms for almost 10 years and know that and the president has risen to the occasion.

“Every food item that is coming in now will come in without any restrictions; bring in food because Nigerians need to eat. And then at the same time, most things are coming in with a lot of waivers.

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“So, for me, I’m excited that yes, indeed, the government is doing what it should. And we the leaders in the National Assembly, we are touching our various constituencies,” he said.

He appealed to the youth not to allow any group to mislead them politically, noting that the destruction of any property would cost Nigeria money.

Julius Ihonvbere, who represented Tajudeen Abbas, the speaker of the House of Representatives, said the signing into law of the minimum wage bill showed that the government cared about the people.

“So, I think this movement from N30,000 to N70,000 and reducing the negotiation from five to three years is a clear demonstration of a commitment to redirect, refocus and reposition Nigeria for greatness,” he said.

President Tinubu had on July 18 increased the Federal Government’s offer on the national minimum wage from N62,000 to N70,000, with an assurance that it would be reviewed after three years, instead of five years.