10th Senate passes minimum wage hike, student loans act as legislative footprint grows
The 10th Senate has passed 106 bills by April 2026 including landmark legislation: the National Minimum Wage Amendment Act raising pay to ₦70,000 (up from ₦30,000), the Students Loans (Access to Higher Education) Act creating the Nigerian Education Loan Fund, amendments to the Electricity Act enabling greater state and private-sector participation in power markets, and comprehensive tax reform bills (Nigeria Tax Bill, Tax Administration Bill, Joint Revenue Board Bill, Revenue Service Bill). This legislative output exceeds the 9th Senate's 58 bills passed at their second anniversary point.
These laws directly impact Nigerians' daily realities: minimum wage workers should now receive ₦70,000 monthly pay; students whose parents cannot afford university fees can access education loans through the new fund; electricity consumers may benefit from improved supply as states gain authority to develop electricity markets; businesses and individuals face changing tax obligations under the reform packages affecting compliance, administration, and revenue collection.
What should you know or do? Workers must verify their payslips reflect the new ₦70,000 minimum wage; students should check eligibility criteria for the Nigerian Education Loan Fund; businesses need to monitor Federal Inland Revenue Service announcements on tax reform implementation; all citizens can assess whether these laws translate to measurable improvements in services like power supply, education access, and overall cost of living.