President Bola Tinubu signed the National Minimum Wage Bill into law on Monday to improve the standard of living of workers.
The bill was enacted in the presence of the leadership of the National Assembly during a Federal Executive Council (FEC) meeting, highlighting the collaborative effort between the executive and legislative branches.
This historic event marked the first time that the leadership of the National Assembly participated in a Federal Executive Council meeting.
Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, and other top legislative members were in attendance.
Sources close to the Cabinet Office indicated that the National Assembly leaders were invited to the FEC meeting on short notice.
Their participation underscores the urgency and significance of the National Minimum Wage Bill, which aims to improve the living standards of Nigerian workers amidst the country’s economic difficulties.
The National Minimum Wage Bill is part of a broader effort by the Tinubu administration to address pressing economic issues and alleviate the financial burdens on the Nigerian workforce.
The legislation sets a new minimum wage, providing a much-needed boost to the purchasing power of workers and stimulating economic activity.
President Tinubu’s decision to sign the bill into law aligns with his commitment to economic reforms and social welfare.
By ensuring a minimum wage that reflects the cost of living, the administration hopes to reduce poverty levels and improve the quality of life for millions of Nigerians.
The presence of the National Assembly leaders at the FEC meeting also suggests a concerted effort to preempt potential protests and demonstrate a unified front in tackling the nation’s economic issues.
This move is seen as a strategic step to foster cooperation between the executive and legislative branches, ensuring the smooth implementation of the new wage policy.