President Bola Tinubu signed the new Minimum Wage Bill into law on Monday.
Tinubu assented the new law at 2 pm at the Council Chamber of the Presidential Villa, Abuja.
The signing was witnessed by the President of the Senate, Godswill Akpabio, and Deputy Senate President, Barau Jibrin, among others.
The National Minimum Wage Amendment Act, which introduces a new N70,000 national minimum wage, has been passed into law by the Senate.
The Senate on Tuesday speedily passed the National Minimum Wage Act 2019 (Amendment Bill).
This followed the presentation and adoption of a report on the bill by the leader of the Senate, Opeyemi Bamidele (APC-Ekiti).
The bill, which was transmitted to the Senate by Tinubu on July 23, was given accelerated consideration, resulting in its first and second readings in line with Senate Rule 80.
The Nigeria Labour Congress and the Trade Union Congress proposed N494,000 as the new national minimum wage, citing inflation and the prevailing economic hardship in the country.
But the unions later reduced the amount to N250,000 after several meetings.
On July 11, leaders of labour met with Tinubu at the presidential villa over the new minimum pay.
The labour leaders eventually accepted N70,000 as the new minimum wage for workers.
