President Tinubu signs historic N70,000 Minimum Wage Bill, louds lawmakers

President Bola Ahmed Tinubu has assented to the new minimum wage bill on Monday in a ceremony attended by the leadership of the National Assembly and members of the Federal Executive Council at the Council Chambers, State House Abuja.

After signing the bill, President Tinubu praised the National Assembly for passing the bill expeditiously, saying “All I can say is thank you very much for the expeditious act”.

The new minimum wage came to fruition after the president and the leadership of organised labour comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) agreed on N70,000 for Nigerian workers.

Nigeria has been facing a dire economic downturn in recent months, leading to calls for protests demanding government intervention.

The National Bureau of Statistics (NBS) reported that all measures of inflation rate rose in June 2024, although at a slower pace. Headline inflation increased to 34.2 percent in June 2024 from 22.8 percent in June 2023 and 34.0 percent in May 2024.

President Bola Tinubu’s policies, including subsidy removals and double naira devaluation, have driven up costs and fueled price pressures.

According to the National Bureau of Statistics’ latest data, food and non-alcoholic beverages remained the primary drivers of inflation in June, contributing the most to the overall inflation rate.

The new administration has assured that the economic situation will be resuscitated while calling for more time to address the country’s economic problems.

The appeal is coming barely a day after the country’s Inspector General of Police warned against protests, stressing that Nigeria has had enough of the post-demonstration fallout.