The House of Representatives has passed a bill to amend the National Minimum Wage Act 2019, aiming to increase the national minimum wage from ₦30,000 to ₦70,000. The proposed legislation, presented by Prof Julius Ihonvbere, also seeks to reduce the review period from five to three years.
Prof Ihonvbere argued that the current minimum wage is no longer sufficient due to the rising cost of living, citing economic challenges such as high inflation. He emphasized the need for a wage increase to ensure that workers’ earnings keep pace with the rising cost of living.
The bill, forwarded to the House by President Bola Tinubu, aims to address the economic hardship faced by Nigerian workers. By increasing the minimum wage, the government hopes to improve the standard of living for millions of Nigerians.
The passage of the bill marks a significant step towards addressing the country’s economic challenges. The proposed increase in the national minimum wage is expected to have a positive impact on workers’ purchasing power and overall well-being.
The reduced review period from five to three years will ensure that the minimum wage is regularly adjusted to reflect the changing economic realities. This move demonstrates the government’s commitment to protecting workers’ rights and promoting economic growth.
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