On Thursday,18th of July, 2024, President Bola Tinubu approved a new minimum wage of N70,000 for Nigerian workers, with a commitment to review this amount every three years.
The announcement was confirmed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy.
President Tinubu revealed the new minimum wage during a meeting with leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the presidential villa in Abuja. Key attendees included Joe Ajaero, the president of NLC, Festus Osifo, the president of TUC, and various relevant ministers.
In addition to the minimum wage increase, Onanuga mentioned that President Tinubu would soon review the four-month salary arrears owed to university staff across the country.
This wage adjustment comes at a time when Nigerians are grappling with the high cost of living, driven by inflation and economic challenges. Many citizens have expressed concerns that the new wage is insufficient to alleviate their financial burdens.
Minimum wage: 70,000 Naira Exchange rate conversion: 1 dollar/N1,600 = $44. A bag of rice: 76,000 for the cheapest brand. So, if a bag of rice is taking 100% of your living wage monthly, what happens to other important factors of your life apart from food? You folks are not hungry & angry enough.
If you think 70,000 naira ($41) is good enough for someone to be paid after working for a month, remember someone out there in U.S, Canada, U.K and the likes are earning this per hour, for some people it’s their 2 hours pay while it’s 30 minutes pay for some people (high earners). That amount is a Peanuts compared to what those guys in Government earn. It should not be accepted !!!
Paying 70,000 naira minimum wage is fair enough for sure. But 80% of governor’s will never pay. And again, this will also give the marketers the urge to hype the amount of there products all in the name of 70000 naira minimum wage.
Can 70,000 naira feed a family of six in one month in Nigeria of today? remember, no savings, no house rent
70,000 Naira minimum wage = $43. Minimum wage in 1981 = $191 Minimum wage in 2014 = $125 NLC & TUC, shame on you!
Unless the cost of transportation, healthcare, food prices, accommodation, electricity, water etc is reduced drastically, the 70,000 naira agreed by the NLC & FG can’t really do anything & will enhance corruption & stealing
The new national minimum wage of 70,000 Naira, equivalent to approximately $43.09 USD per month, is still a meager amount that falls short of providing a decent standard of living for Nigerian citizens. Considering the country’s inflation rate, cost of living & economic realities
“Read the news today saying President Bola Ahmed Tinubu a.k.a Jagaban has approved 70,000Naira as the new Nigerian minimum wage. In my own view at least it’s better than nothing, it’ll help the economy as well & also best to the previous 33,000Naira. I hope NLC accepts it for now.”
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