FG Backdates N70,000 Minimum Wage

N70,000 Minimum Wage Takes Effect July 29

“The NSIWC will generate the appropriate salary templates for other consolidated salary structures for implementation...”

President Bola Tinubu's administration raises minimum wage to N70,000, implementing consequential salary adjustments for federal employees.

The Federal Government has confirmed that its employees will receive the new minimum wage of N70,000, effective July 29. This retroactive payment implies that July salaries will reflect the increased amount. The Committee on Consequential Adjustments in Salaries for civil servants reached this agreement during their meeting in Abuja.

As part of the agreement, a Memorandum of Understanding was issued, outlining the terms of the new minimum wage implementation. This development follows President Bola Tinubu's signing of the Minimum Wage Act (Amendment) Bill into law, which sets the national minimum wage at N70,000.

Key Highlights of the New Minimum Wage:

Increased Minimum Wage: From N30,000 to N70,000

Consequential Adjustments: Salary increases for officers on grade levels 07-17

Implementation Template: To be developed by the 16-member committee

Effective Date: Backdated to July 29, with July salaries reflecting the increase

“The NSIWC will generate the appropriate salary templates for other consolidated salary structures for implementation; the effective date of the implementation shall be July 29, 2024,” the MoU says.

President Bola Tinubu's administration has established a 16-member committee to implement the National Minimum Wage Act 2024, which increases the national minimum wage from N30,000 to N70,000. This move follows pressure from the Nigeria Labour Congress, which demanded a minimum wage of N250,000 due to soaring inflation.

The committee's primary objectives include negotiating and agreeing on consequential salary adjustments and developing a template for implementing the approved minimum wage. This development aims to alleviate the financial burden on Nigerian workers.