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Labour Excited As Tinubu Signs N70,000 Minimum Wage Bill
The organised labour on Monday expressed its excitement and demanded speedy implementation as President Bola Tinubu signed into law the new National Minimum Wage Act.
“We are happy and urge government to sustain the same momentum in the calculation of consequential adjustments, payment of the new minimum wage and arrears,” the Head of Public Affairs of the Nigeria Labour Congress, Benson Upah, told The PUNCH.
Similarly, the Deputy Vice President of the Trade Union Congress, Tommy Etim, said, “It is a welcome development and we expect the immediate implementation by the federal, state government and the organised private sector.”
Tinubu signed the new law at 02 pm at the Council Chamber of the Aso Rock Presidential Villa, Abuja
The brief ceremony was witnessed by the Senate President, Godswill Akpabio, Deputy Senate President, Barau Jibrin, and the House Leader, Prof. Julius Ihonvberem, who represented the Speaker of the House of Representatives, Tajudeen Abbas.
The signing of the law came nearly two weeks after President Tinubu and the organised labour unions—comprising the Nigeria Labour Congress and Trade Union Congress of Nigeria—agreed on N70,000 as the new minimum wage.
On July 18, the Federal Government, organised labour and the private sector concluded months-long negotiations on the minimum wage when Tinubu haggled down labour’s N250,000/month demand to N70,000/month.
Akpabio, who addressed State House Correspondents after the signing ceremony, said, “I’m ecstatic. I’m excited about the Nigerian worker and the national minimum wage amendment, which applies to the whole nation, the Federal Government, the states, the local governments, the private sector, and even individual employers.
“So, I think this is a great day for the workers in the country. We are not only doubling the minimum wage, but we have also added something on top. Initially, it was N30,000; now, it is N70,000.”
He emphasised that with the N70,000 new minimum wage, “no Nigerian worker will offer services and be paid anything less than N70,000 from today.
“That is the implication of this Act. It applies all over the nation. And we are excited that this is happening at a time like this through President Bola Tinubu.
“Like I said, this is not the maximum. Any employer with a capacity can pay as much as you want.
“And you’ve seen what we are doing in the National Assembly. When it came, the entire National Assembly moved and passed the bill in one day out of excitement. We felt that this was not something we could delay.”
The Senate President also disclosed that the President will on Wednesday sign the 2024 budget amendment bill into law.
“We have gone very far with it. And I expect that it will be signed by Wednesday,” Akpabio responded when asked about the reviewed Act meant to finance the new minimum wage.
On July 15, the Federal Executive Council mandated the Minister of Budget and Economic Planning to prepare a bill to amend the 2024 Budget.
A week later, Tinubu wrote the Senate requesting it to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget by ₦6.2tn.
Tinubu’s letter was addressed to the Senate President and read at plenary.
The President said the move was under Section 58 (2) of the Constitution.
The Senate approved the ₦6.2tn amendment to the 2024 Appropriation Act, raising the year’s national budget from ₦28.7tn to ₦35.055tn.
Meanwhile, the Federal Government allayed fears of non-compliance with the new minimum wage, saying the extensive negotiations and consensus-building undertaken from early February to July meant all the relevant stakeholders were involved.
The Minister of State for Labour, Mrs. Nkeiruka Onyejeocha, affirmed this when she briefed journalists after Monday’s Federal Executive Council meeting.
“What should a Labour Minister do when people don’t pay? The most important thing is that this minimum wage has been passed and that all Nigerians were involved—all the stakeholders, the governors, the representatives of the local government, which is ARGON and of course, the organised private sector and organised labour and the government itself.
“Conversations were held and it passed through the process, and it has become a law and I believe that we are responsible Nigerians and we want to promise Nigerians that we’re going to do that.
“When you have a strong leader, who has the goodwill of the people he governs and there is cooperation, I believe that everybody will comply with what is agreed upon.”
Onyejeocha also stated that the FG would uphold its promise to backdate the payment of the adjusted wages from May 2024.
“When I did the May broadcast about the payment schedule, whether we are going to start on May 1.
“I think it is being considered because what I read was exactly what was in agreement of October 2, 2023, and I believe that those things are still being considered, but the most important thing is that the minimum wage has been signed,” she said.
A major fire outbreak occurred at a market in the Yaba area of Lagos State in the early hours of Saturday.
The blaze, which reportedly began between 1:00 AM and 3:00 AM, has destroyed several shops and goods worth millions of naira, leaving numerous traders stranded and counting their losses.
Videos circulating on social media showed thick smoke and flames consuming parts of the market, while traders and residents scrambled to salvage belongings.
An eyewitness, Lugar Feliz, livestreaming on TikTok, noted that firefighters were already at the scene and identified the affected area as the Popo section of Yaba Market. Another user, Olamilekan Iyiola (@Olamilekan0932), described the incident as a “terrible fire outbreak in Yaba right now.”
Some residents expressed frustration over emergency response efforts. Adeoluwa (@Okunlola_Jude) reported that shops behind his property were completely destroyed, with losses estimated in the billions of naira. He added, “Fire service headquarters is just 10 minutes away, yet only one truck was brought to the scene.”
Sullex Print and Branding (@SullexBranding) also highlighted equipment challenges, claiming, “Three fire service trucks responded, but only one had water. The fire is currently at Ajibode Street, Yaba.”
As of Saturday morning, the cause of the fire remained unknown. No official statement has been released by the Lagos State Fire and Rescue Service regarding the extent of damage or potential casualties. Firefighting and containment efforts were ongoing, while residents called for enhanced emergency preparedness to prevent further losses.
News
Union Bank Looted: How former directors gambled with billions and nearly destroyed a national bank
The former directors and owners of Union Bank did not just fail, they engineered a financial disaster. They manipulated reports, hid massive losses, diverted foreign loans and treated depositors’ money like a private wallet.
Investigators uncovered billions of dollars in misconduct. These directors buried over ₦250 billion in losses, piled a $300 million foreign loan onto the bank without protection and then forced Union Bank to carry the burden. They even used the bank’s own funds to buy its shares, an outrageous betrayal of trust.
It didn’t stop there. Over $100 million was pulled out improperly, leaving the bank exposed and struggling. Loans meant for customers were secretly diverted into shady transactions. False reports were sent to lenders. The system was deliberately deceived.
This was not incompetence. It was exploitation.
By 2025, their actions had created nearly ₦400 billion in losses and over ₦147 billion in unpaid charges. The bank was on the edge.
The Central Bank of Nigeria (CBN) stepped in just in time. Without that intervention, Union Bank could have collapsed, dragging others down with it.
Now, the bank is stabilising. But let’s be clear: this recovery is happening in spite of those former directors, not because of them.
They didn’t build value. They destroyed it.
And Nigerians deserve to never forget who was responsible.
Islamic cleric Sheikh Ahmad Gumi recently defended his past interactions with armed groups, stating he “took the bull by the horns” in 2021 as a necessary step to address Nigeria’s insecurity.
In a post shared on Facebook on Thursday, Gumi said decades of neglect of disadvantaged populations had created deep socio-economic inequalities, leaving many youths vulnerable to manipulation by external forces seeking to destabilise the country.
According to him, the widening gap between the rich and the poor has turned many young people into “ready-made foot soldiers” in cycles of violence that enable the exploitation of Nigeria’s resources.
He also criticised the political class for being largely unresponsive, while noting that the intellectual community is preoccupied with survival struggles.
Reflecting on his past efforts, Gumi said he “took the bull by the horns” in 2021 by attempting to reintegrate violent elements into society rather than allowing them to be further radicalised.
He wrote: “Nigeria for decades has ignored the underprivileged section of its society. There is a significant socio-economic discrepancy, and the society is stratified. This makes our teaming youth ready-made foot soldiers for any foreign interest trying to divide us and rule. To plunder our resources while we are involved in a vicious circle of violence.
”Unfortunately, the political class is unattentive while the intelligentsia is held hostage in the struggle for existence.
“In 2021, I took the bull by the horns in an attempt to bring some of these uncouth elements back to our fold rather than letting them be exploited by the devil.
“I still believe this is the only way out of our predicament. However, it needs the political will and determination to achieve.
“May Allah bring peace back to our nation.”
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