A recent social media post by @irepbdg_ has sparked a heated debate on the adequacy of Nigeria’s minimum wage in the face of rising inflation and currency devaluation. The user highlighted the stark contrast between the Nigerian minimum wage, equivalent to 20 US dollars, and the earnings for similar labor abroad, emphasizing the need for a reassessment of the wage structure.....Read The Full Story Here ▶
In response to the concerns raised, @irepbdg_ suggested that the government should implement price controls and encourage businesses to absorb some of the increased labor costs to mitigate the effects of inflation and money devaluation.
This advice comes as citizens grapple with the purchasing power of their earnings amidst economic challenges.
The conversation has drawn diverse opinions, with @KabiyesiX pointing out the potential for businesses to increase prices in response to a higher minimum wage, leading to further devaluation of money due to increased circulation:
“My own be say, all these business people,once they see minimum wage increases, they’ll increase prices drastically too. And with large money in circulation your money will devalue more.”
Similarly, @Damilare_Strade questioned the effectiveness of a minimum wage increase without price control on essential commodities, citing the disproportionate amount of income spent on food alone:
“What is the point of minimum wage if there are no price control on commodities. Imagine someone collecting 100k only to have used 70% on food , wetin wan remain.”
See the X post below:
NLC, TUC begin nationwide strike over wage
Meanwhile, Legit.ng earlier reported that organised labour commences its nationwide strike over the minimum wage today, Monday, June 3.
This was after a failed attempt by the National Assembly leadership and federal government representatives to stop it.
Legit provides live updates on how the strike is playing out across the country.