The Senate on Tuesday approved a new new National Minimum Wage of N30,000 in concurrence with the House of Representatives which okayed the same amount in January.
This is N3,000 higher than the N27,000 proposed by President Muhammadu Buhari in the National Minimum Wage Act (Amendment) Bill he submitted to the National Assembly in January.
The passage of the bill followed the adoption of the report of the ad hoc committee on the New National Minimum Wage.
In the report presented by its acting chairman, Sen. Francis Alimekhina, the committee recommended a fine of N75,000 for defaulting employers of labour.
The committee also recommended urgent review of the Revenue Sharing Formula to enable states and local governments to cope with the attendant financial burden.