Latest news on nigeria new minimum wage

As of my knowledge cutoff in February 2023, here are the latest updates on the new minimum wage in Nigeria:

Latest Development:

On February 26, 2023, the Nigerian Senate passed the new National Minimum Wage Bill, which proposes a minimum wage of N41,500 (approximately $100 USD) per month. The bill was sent to the House of Representatives for concurrence.

Background:

In October 2020, the Nigerian government announced a new minimum wage of N30,000 (approximately $75 USD) per month, which was a significant increase from the previous minimum wage of N18,000 (approximately $45 USD) per month. However, the new wage was met with resistance from some state governments, who argued that they could not afford the increased cost.

Current Situation:

As of February 2023, the new minimum wage has not been implemented nationwide, as some state governments have not yet complied with the federal government's directive. The federal government has given state governments until March 2023 to implement the new wage.

State-by-State Implementation:

Some states have already implemented the new minimum wage, including:

However, other states have not yet implemented the new wage, citing financial constraints.

Impact:

The new minimum wage is expected to have a significant impact on the lives of millions of Nigerian workers, particularly those in the informal sector. It is also expected to boost economic growth and reduce poverty in the country.

Next Steps:

The implementation of the new minimum wage is expected to be completed by March 2023. The federal government has also announced plans to review the minimum wage every five years to ensure that it keeps pace with inflation and other economic factors.

Please note that the information provided is subject to change and may not reflect the latest developments. It is always a good idea to check with reliable sources for the most up-to-date information.