National Minimum Wage Amendment Act 2024

The 2024 amendment increases Nigeria’s national minimum wage from ₦30,000 to ₦70,000 per month and shortens the review cycle from five years to three years. President Bola Ahmed Tinubu signed the bill into law on 29 July 2024.

What Is This Policy?

An amendment Act that increased Nigeria's national minimum wage from ₦30,000 to ₦70,000 per month, and shortened the mandatory wage review cycle from 5 years to 3 years.

Who Does It Target?

All private and public sector employees covered by the Labour Act. Employers — federal, state, local governments, and private companies. The National Salaries, Incomes and Wages Commission. Trade unions and employers' associations party to wage negotiations.

What Does It Aim to Achieve?

Protect workers from the erosion of purchasing power caused by inflation and rising living costs. Align minimum wage with current economic realities following a period of significant currency depreciation. Provide a more frequent review mechanism to prevent future wage stagnation.

Key Features

  - **New Minimum Wage**: ₦70,000/month (increased from ₦30,000).
  - **Review Cycle**: Shortened from 5 years to 3 years to better align with economic realities.
  - **Signing Date**: Signed into law on 29 July 2024.

Legal Framework

Constitution of the Federal Republic of Nigeria 1999 (Section 254C on labour); Labour Act; National Minimum Wage Act (principal Act being amended); Trade Unions Act; ILO Minimum Wage Conventions ratified by Nigeria

Current Status

Signed into law on 29 July 2024. PenCom’s implementation circular of 27 November 2024 confirms the ₦70,000 national minimum wage.