National Assembly passes the National Minimum Wage Act 2019 (Amendment Bill), increasing the minimum wage from ₦30,000 to ₦70,000 and reducing review periods to three years. Awaiting Presidential signature.
President Tinubu Approves ₦150,000 Grant for Jigawa Business Owners
In a significant move to bolster small businesses in Jigawa State, President Bola Tinubu has approved a grant of ₦150,000 for each business owner in the region.
This development was officially announced via a press release from the State House in Abuja and shared by Vice President Kashim Shettima on his official X account.
Vice President Shettima underscored that this grant is part of Nigeria’s broader strategy for digital transformation and economic leadership within Africa. Speaking at the launch of the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Dutse, Shettima highlighted Nigeria’s ambitions to not only keep pace with global technological advancements but to lead them.
Additionally, the Vice President introduced the 4th edition of the Expanded National Micro, Small, and Medium Enterprises (MSMEs) Clinic. During the event, he detailed that the grant from President Tinubu is intended as direct support for MSMEs across Nigeria. He assured that the ₦150,000 grant is non-repayable, providing essential financial assistance to business owners without the burden of repayment.
National Minimum Wage Amendment Bill Passed by National Assembly
On the same day, the National Assembly swiftly passed the National Minimum Wage Act 2019 (Amendment Bill). The bill, transmitted by President Tinubu, was rapidly approved in both the Senate and the House of Representatives, moving through second and third readings with remarkable speed.
The bill, now awaiting the President’s signature, proposes an increase in the national minimum wage from ₦30,000 to ₦70,000. Additionally, it seeks to reduce the period for periodic review of the minimum wage from five years to three years, ensuring more frequent adjustments in response to economic conditions.
This legislative action follows a recent agreement between the government and the Nigeria Labour Congress (NLC) regarding the new minimum wage. Despite the NLC’s initial demand for a ₦250,000 minimum wage, a compromise was reached at ₦70,000, with the understanding that the review period would be shortened to three years.
This decision comes after extensive negotiations between labour representatives and the President, aiming to address the economic challenges faced by Nigerian workers, particularly in light of inflation and the removal of petrol subsidies.