The National Minimum Wage Amendment Act, which introduces a new N70,000 national minimum wage, has been passed into law by the Senate.
The bill, which scaled second and third readings, just minutes after it was transmitted by President Bola Tinubu, was instantly passed by the upper chamber.
Reading the general principles of the bill, Senate Leader Bamidele Opeyemi also explained that the bill, if passed, would reduce the period of review of the minimum wage from five years to three years in line with economic realities, given that the Act was last amended in 2019.
In a unanimous vote after a clause consideration in the Committee of the Whole, the National Minimum Wage Bill scaled third reading and was passed.
