The Nigerian Senate has taken a significant step towards improving the welfare of workers in the country with the introduction of the Minimum Wage Act (Amendment) Bill, 2024.
Presented by the Senate Leader, Sen. Bamidele Michael Opeyemi (Ekiti Central), the bill aims to increase the national minimum wage and reduce the periodic review period from the current five years to just three years.
The current national minimum wage, set at 30,000 Naira (approximately $65) per month, has been in place since 2019. The proposed amendment seeks to raise this figure, though the specific new minimum wage amount was not disclosed during the Senate proceedings.
Reducing the review period from five years to three years is also a key component of the bill. This change would allow for more frequent adjustments to the minimum wage, ensuring it keeps pace with the rising cost of living and provides better protection for Nigerian workers.
“The current national minimum wage has not kept up with the realities of the economy and the rising cost of living,” said Sen. Bamidele. “This amendment will help ensure that our workers can maintain a decent standard of living and have their wages reviewed more regularly.”
The bill was introduced for its first reading during the Senate’s second session, indicating the start of the legislative process. It will now be referred to the relevant Senate committee for further deliberation and public input before being considered for passage.
If enacted, the Minimum Wage Act (Amendment) Bill, 2024 could have a significant impact on the lives of millions of Nigerians employed in the formal and informal sectors. The proposed changes are expected to be welcomed by labor unions and civil society groups advocating for improved worker protections and living standards.
As the bill progresses through the legislative process, Nigerians will be closely watching to see how their elected representatives address this crucial issue and deliver on their promises to uplift the country’s workforce.