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The Senate on Tuesday speedily passed the National Minimum Wage Act 2019 (Amendment Bill).
The bill, which scaled second and third readings, just minutes after it was transmitted by President Bola Tinubu, was instantly passed by the upper chamber.
In a unanimous vote after a clause consideration in the Committee of the Whole, the National Minimum Wage Bill scaled third reading and was passed.
Earlier on Tuesday, the President transmitted the National Minimum Wage Bill to the National Assembly for consideration and passage.
The President separately wrote the Senate and the House of Representatives requesting expedited consideration of a bill for an Act to amend the National Minimum Wage Act, 2019 to increase the National Minimum Wage from ₦30,000 to ₦70,000.
The President also asked the lawmakers to reduce the time for periodic review of the national minimum wage from five years to three years and related matters.
Last Thursday, Tinubu and the leadership of the Organised Labour agreed on ₦70,000 as the new minimum wage for Nigerian workers.
The truce between the government and labour sides followed a series of talks between labour leaders and the President in the last few weeks after months of failed talks between labour organs and a tripartite committee on minimum wage constituted by the President in January.
The committee, which comprised state and federal governments and the Organised Private Sector, had proposed ₦62,000 while labour insisted on ₦250,000 as the new minimum wage for workers who currently earn ₦30,000 as minimum wage.
Labour had said ₦30,000 was unsustainable for any worker going by the economic vagaries of inflation and high cost of living which followed the removal of petrol subsidy by the President.
Despite its initial insistence on ₦250,000 as the new minimum wage, Labour accepted the President’s offer of ₦70,000 last Thursday.
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, said Labour accepted ₦70,000 and rejected a proposal by President Bola Tinubu to pay ₦250,000 minimum wage on a condition to increase petrol prices.
He also said Labour agreed to the ₦70,000 offer because minimum wage won’t be reviewed once in five years anymore but once every three years.