Latest news on minimum wage in nigeria today

As of my knowledge cutoff, here are some recent updates on the minimum wage in Nigeria:

Latest Development:

On April 18, 2022, the Nigerian Senate passed the National Minimum Wage (Amendment) Bill, 2022, which seeks to increase the national minimum wage from N30,000 (approximately $75) to N52,000 (approximately $130) per month. The bill is now awaiting approval from the House of Representatives.

Background:

In 2019, the Nigerian government increased the national minimum wage from N18,000 (approximately $45) to N30,000 (approximately $75) per month. However, the increase has not kept pace with inflation, and many workers have been calling for a further increase.

Reasons for the proposed increase:

The proposed increase is aimed at addressing the rising cost of living in Nigeria, which has been exacerbated by the COVID-19 pandemic and other economic challenges. The increase is also intended to help reduce poverty and improve the standard of living for low-income workers.

Impact on workers:

If the bill is passed, the increase in minimum wage would benefit millions of workers across various sectors, including public and private employees, as well as those in the informal sector. The increase would also help to reduce income inequality and improve the overall economic well-being of workers.

Challenges:

While the proposed increase is welcome news for many workers, there are concerns about the potential impact on businesses and the economy. Some employers have expressed concerns about the increased costs and the potential for job losses.

Timeline:

The bill is currently before the House of Representatives, and if approved, it would be sent to President Muhammadu Buhari for assent. If signed into law, the new minimum wage would take effect from a date to be determined.

Please note that these updates are subject to change, and I recommend checking with reputable news sources for the latest information on this topic.