Just In: National Assembly passes N70k minimum wage bill

The Upper Chamber of the National Assembly has passed the new national minimum wage bill into law after transmission from the President, Bola Tinubu.

The passage of the bill into law follows on from the agreement reached between the Federal Government and the Labour leaders on a new national minimum wage last week.

The new bill will now wait for concurrence from the House of Representatives following a letter asking for such from President Bola Tinubu.

The newly passed bill also has a new provision for its review after 3 years unlike the former provision with a 5 year review period.

President Tinubu had earlier asked the national assembly to pass the minimum wage bill into law, in letters read by Tajudeen Abbas, speaker of the house; and Senate President Godswill Akpabio, during plenary on Tuesday.

The bill seeks to formalise the N70,000 minimum wage recently agreed between the federal government and organised labour.

The new minimum wage is part of efforts aimed at cushioning the effect of current Economic challenges facing Nigerians.