Nigerian Lawmakers Approve Minimum Wage Increase to 70,000 Naira

Nigerian lawmakers passed a new legislation doubling the minimum wage to 70,000 naira a month. The bill, aimed at addressing the worst cost of living crisis in a generation, was approved without opposition and awaits President Bola Tinubu's assent to become effective. The move follows months of negotiations and the threat of strikes by Nigeria's main labour unions.

Nigerian lawmakers approved legislation on Tuesday, doubling the minimum wage to 70,000 naira ($44.16) a month, resolving prolonged disputes between the government and labour unions.

The accelerated passage of the wage bill amends the 2019 law, shortening the review period for public wages from five years to three years. The agreement was struck last Thursday after intense talks between the unions and the government, ending months of deadlock and strike threats.

The legislation passed with no opposition in both the senate and the lower parliament, and will become effective upon President Bola Tinubu's assent. This raise from the previous 30,000 naira comes amid soaring prices and a weakened currency due to President Tinubu's reforms, severely impacting workers. Nigeria, Africa's most populous country, faces its worst cost of living crisis in decades, sparking concerns of unrest similar to ongoing protests in Kenya. ($1 = 1,585.0000 naira)

(With inputs from agencies.)