According to the Presidency, the new minimum wage implemented under President Bola Tinubu has increased the income of Nigerian workers.
According to reports, between 40% and 50% of Nigerian workers receive the minimum salary of ₦70,000, according to Tope Fasua, Special Adviser to the President on Economic Matters.
Fasau reiterated the federal government’s commitment to enhancing worker welfare in an interview with Arise News.
We are now operating on a minimum wage of $70,000. We’ve traveled from 30,000. Numerous states are paying eighty thousand dollars. Many people—74, 75, etc.—do not understand it. Naturally, they would have to backdate and pay from the agreed-upon point if it wasn’t paid. Actually, the government is the source of this 70% minimum salary. It also controls what takes place in the private sector. Some private sector players, though, move a little slowly.
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In fact, a lot of banks have begun doing that since last year. The private sector, then. Not to mention the state level and the public sector. I’m living on the streets. I visit the market. I engage with the populace. I go for a stroll.
In other words, folks are now receiving that on a wage. I would estimate that 40 to 50 percent of people are starting to understand that,” he remarked.
The presidential assistant emphasized that the current inflation in the economy was caused by the private players, even though some private players have not yet implemented the new pay.
Additionally, I cautioned that in a capitalist system like the one we operate in, there are instances when you have to advocate for yourself and engage in negotiations. Therefore, I’m warning the private sector participants to step up because many, if not all, of those who have successful firms have been able to mark up their products. This is the reason for the inflation. People have raised their pricing, which is why there is inflation.
Since that’s where the tire strikes the asphalt, they must raise their employees’ compensation in response to the price increases. Additionally, put some cash in people’s pockets. And I’m saying that, in fact, Nigerians are starting to make more money than they did before, particularly in the public and organized private sectors,” he continued.
