New Minimum Wage of ₦70,000 Signed

On July 18, 2024, President Tinubu and leaders of the NLC and TUC agreed on a new national minimum wage of ₦70,000 per month, more than doubling the previous ₦30,000 rate. The agreement included a provision to review the minimum wage every three years instead of the previous five-year cycle.

The National Minimum Wage (Amendment) Act 2024 was signed into law on July 29, backdated to May 1, 2024. NLC President Joe Ajaero accepted the figure “with mixed feelings,” noting the unions had originally demanded ₦494,000.