admin
ABUJA. – Lawmakers in Nigeria’s Senate passed legislation on Tuesday to increase the monthly minimum wage more than two-fold.
The bill increases the minimum wage to 70 000 naira (US$44,16), up from the 30 000 naira that was agreed in 2019.
President Bola Tinubu must still give his assent for the law to come into full effect.
Lawmakers also agreed to shorten the review period until the next possible minimum wage increase, from five years down to three years.
The legislation comes after a months-long dispute between the government and Nigeria’s two major unions, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC).
They argued that soaring prices and a weak currency had thrown workers into a cost-of-living crisis.
Since coming to office, Mr Tinubu has removed fuel subsidies in a move that has seen gasoline prices more than double.
Inflation reached 34.1 percent last month, the highest rate in three decades. At the same time, the unification of the country’s various exchange rates has devalued the naira, making imports more expensive. The bill was passed in the Senate and the lower parliament without any opposition. – dw.com
Online Reporter