Just In: Tinubu Signs 70,000 New Minimum Wage Bill Into Law

President Bola Ahmed Tinubu, has signed the new minimum wage bill into law.

Tinubu who presided over the Federal Executive Council, FEC, meeting, at the Council Chamber in the State House, Abuja signed the N70,000 the new minimum wage into law.

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Vanguard had reported how the Federal government and Organized Labour yesterday settled for N70,000 as the new minimum wage.

Recall that the tripartite committee had submitted two figures in its report to the President as a result of disagreement among the government, the private sector and organized labour.

While the government and the private sector offered N62,000, organized labour demanded N250,000.

Speaking to State House correspondents after the meeting with the President, the Minister of Information and National Orientation, Mohammed Idris, said President Tinubu agreed to pay N70,000 from the initial offer of N62,000.

FG, Labour agree on N70,000

“We’re happy to announce that both the Federal Government and Organized Labour have agreed on an increase on the N62,000. The new national minimum wage that we expect to submit to the National Assembly for legislation is N70,000.

“But that is not all. There is also a boost, Mr. President has assured to ensuring that massive investment is going to be made in the area of infrastructure. There is also a deepening of the investment of the Federal Government in renewable energy.

“More money is going to go into the acquisition of more buses, the CNG buses, Nigeria is going to be more CNG-compliant, according to the President.

“We’re moving in this transition to renewable and all other things Mr President has assured Labour, the issue of ASUU (Academic Staff Union of Universities), SSANU (Senior Staff Association of Nigerian Universities) and NASU (Non-Academic Staff Union of Educational and Associated Institutions) is also going to be looked at.

“We are happy, we are very thankful for the role organized labour has played. They recognized the Federal Government’s role in ensuring that we have local government autonomy, and also ensuring that both Labour and government are on the same page.”