All employers of labour are henceforth mandated to pay N70,000 lowest salary, according to the new Minimum Wage Act.
The law took effect yesterday following President Bola Ahmed Tinubu’s assent to the Bill passed last week by the National Assembly.
The President signed the Bill at a short ceremony before the start of the ninth Federal Executive Council (FEC) meeting this year, at the Council Chambers, State House, Abuja.
It was witnessed by the leadership of the National Assembly led by Senate President Godswill Akpabio.
The President thanked the National Assembly for speedily passing the bill, saying: “All I can say is thank you very much for the expeditious passage.”
Akpabio assured that the amendment to the 2024 Appropriation Act will be ready tomorrow.
He said: “The national minimum wage amendment is for the entire nation; for the Federal Government, states, local governments, private sector and individual employers.
“This is minimum, this is not maximum. Any employer that has the 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.”
Last week, the President approved N70,000 as the new minimum wage for workers with a pledge to review the law every three years.
Head of Service of the Federation, Mrs. Folashade Yemi-Esan, said the presidential approval would douse tension amongst workers.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), appealed to the National Assembly to speed up the process of passing the amendment to the 2024 Budget, which is meant to fund the new minimum wage.
Fagbemi noted the perfect timing of the new minimum wage law, noting that it is making life better for the Nigerian worker.
“It couldn’t have come at a better time than today. The President had indicated that you are likely to come and that he will put every assignment aside to welcome you and perform the signing.
“By the signing of this bill into law, the welfare of the Nigerian workers has been more than enhanced by more than 200 per cent.
“We are grateful for this and we also urge you that the budget which will also fund it, you should help us pass it expeditiously as you have done with this one.”
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said: “It is indeed a very important occasion, very historic and a very significant one, particularly at this time.
“Nigerian workers are getting a huge boost compared to what was there before.
“I can assure you that in terms of implementation, every effort will be made to ensure that there is speedy, full implementation of this new all-important Minimum Wage Act.”
The Federal Government allayed fears of non-compliance with the new minimum wage, saying the extensive negotiations and consensus-building undertaken from early February to July showed that all the relevant stakeholders were involved.
Minister of State for Labour, Mrs. Nkeiruka Onyejeocha, made the affirmation while briefing reporters after the FEC meeting.
She said: “What should a Labour minister do when people don’t pay? The most important thing is that this minimum wage has been passed and that all Nigerians were involved—all the stakeholders – the governors, representatives of the local governments, organised private sector, organised labour and the Federal Government.
“Conversations were held and it passed through the process, and it has become law.
“When you have a strong leader, who has the goodwill of the people he governs and there is cooperation, I believe that everybody will comply with what is agreed upon.”
Mrs. Onyejeocha said the Federal Government was considering backdating the payment of the adjusted wages to May 2024.
“It is being considered, but the most important thing is that the minimum wage has been signed,” the minister said.
Amendment to 2024 Appropriation Act ready tomorrow
Akpabio hailed Tinubu for his commitment to the workers and noted that the National Assembly passed the bill in one day due to its importance.
On how soon the amendment to the budget would be ready, Akpabio said: “We have gone very far with it and I expect that by Wednesday (tomorrow) it will be ready.”
Expressing his excitement about the new law, the President of the Senate said: “I think this is a great day for the workers in the country.”
House of Representatives Speaker Tajudeen Abbas, said the assent of the bill demonstrated President Tinubu’s care for the wellbeing of Nigerians.
Represented by the Leader of the House, Prof Julius Ihonvbere, the Speaker said: “This is an action from the President to show that he cares about the Nigerian people.
“In addition to signing the North East Development Commission, the North West Development Commission and the Southeast Development Commission, this has never happened in Nigeria.
“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.”
Other National Assembly members at the signing ceremony were Deputy Senate President Senate Jubrin Barau and Senate Leader Opeyemi Bamidele.
TUC hails assent, demands consequential adjustment template from NSIWC
The Trade Union Congress (TUC) hailed the President for signing the bill.
Its President Festus Osifo urged the National Salaries, Incomes And Wages Commission (NSIWC) to come up with a just and fair consequential adjustment template.
The Labour leader also urged states and local governments to immediately implement the new wage to re-inflate the purchasing power of workers.
The TUC boss said in a short message: “This is a welcome development as we urge the NSIWC to quickly come up with a just and fair consequential adjustment.
“We implore states and local governments to immediately implement the same to re-inflate the purchasing power of the battered worker.”
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