Buhari latest news on minimum wage

Here are the latest news updates on the minimum wage in Nigeria, as of [current date]:

Latest Development:

On October 28, 2020, President Muhammadu Buhari signed the new National Minimum Wage Act into law, increasing the minimum wage from N18,000 to N30,000 per month. The new law also established a National Minimum Wage Committee to review the minimum wage every five years.

Background:

The minimum wage debate in Nigeria has been ongoing for several years, with various stakeholders, including labor unions, employers, and government officials, disagreeing on the appropriate amount. In 2018, the Tripartite Committee on Minimum Wage, comprising government, labor, and employers, recommended a new minimum wage of N30,000 per month.

Key Provisions of the New Law:

  1. The new minimum wage is N30,000 per month, effective from November 2020.
  2. The law establishes a National Minimum Wage Committee to review the minimum wage every five years.
  3. The committee will comprise representatives from the government, labor, and employers.
  4. The law also provides for the establishment of a National Minimum Wage Fund to support the implementation of the new minimum wage.

Reactions:

The signing of the new minimum wage law has been welcomed by labor unions and civil society organizations, who have been advocating for a higher minimum wage for years. However, some employers have expressed concerns about the impact of the new wage on their businesses.

Next Steps:

The implementation of the new minimum wage is expected to begin in November 2020, with employers required to pay the new wage to their employees. The National Minimum Wage Committee will also begin its work to review the minimum wage in five years.

Sources:

Please note that the information provided is accurate as of [current date] and may change as new developments emerge.