Business
Experts Criticize New N70,000 Minimum Wage as Insufficient Amid Economic Strain
Economists and political analysts have expressed significant concern over the recently approved minimum wage of N70,000 for Nigerian workers.
In interviews conducted with the News Agency of Nigeria (NAN) on Friday in Abakaliki, these experts criticized the amount as insufficient given the country’s current economic challenges.
On Thursday, President Bola Tinubu approved the N70,000 minimum wage for civil servants, with a commitment to review this amount every three years.
Despite this commitment, Mr. Collins Anike, an economist, argued that the newly approved wage falls short of addressing workers’ needs and does not fully reflect the economic realities faced by the public.
He acknowledged the President’s intention to revisit the wage periodically but emphasized that the initial amount should have been set higher to better align with the demands of the populace.
Political analyst Mr. Titus Ezeh echoed similar sentiments, urging the government to undertake a comprehensive review of key economic sectors.
He highlighted the need for adjustments in areas such as inflation control, energy tariffs, and food security. Ezeh stressed that addressing these issues is crucial to alleviating the financial strain on the general population.
Meanwhile, Mrs. Regina Agbo, a petty trader, voiced her concerns about the adverse effects of increased electricity tariffs on small businesses and the broader economy.
She pointed out that the rising costs of production and the escalating prices of goods have created significant difficulties for businesses and the economic system at large.
The discrepancy between the government’s approved minimum wage and the demands of the organized labor is notable.
While organized labor had proposed a minimum wage of N250,000, the government and the private sector had recommended a lower figure of N62,000.
This gap highlights the ongoing debate over fair compensation and the need for economic policies that better support workers amidst prevailing economic conditions.
Hamster Kombat has introduced a new anti-cheating strategy to ensure fair play and protect dedicated players. The initiative targets those attempting to manipulate the game for extra benefits, issuing a “cheating is bad” warning that could affect their positions for the airdrop distribution on September 26. The team emphasized the importance of rewarding honest players and creating a secure environment.
As Season 1 of the Telegram-based Web3 game ends on September 20, Hamster Kombat will take a snapshot of the game’s activities to determine airdrop eligibility. The game, which has over 300 million users, is focused on maintaining fairness ahead of its upcoming Season 2 launch.
Binance announced the upcoming launch of “Moonbix,” a play-to-earn (P2E) game on Telegram’s Mini App. In this game, players explore galaxies, collect items, and earn crypto rewards. Although the game leaked early, Binance is fine-tuning it for an official release and warned users to stay cautious of impersonation scams.
Telegram Mini Apps, introduced in 2023, have seen massive engagement, with popular apps like Hamster Kombat driving crypto adoption. Telegram’s integration with The Open Network (TON) has further contributed to this growth.
The Federal Government generated around $1.2 billion from telecom license fees during the early stages of mobile technology in Nigeria, with major operators like MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile) contributing to the sum.
These fees were instrumental in laying the foundation for the country’s telecom industry, which officially began in 2000.
The sector has since become a key driver of Nigeria’s economic growth.
Former President Olusegun Obasanjo highlighted this achievement during a book launch held in Lagos on Tuesday.
He reflected on how the licensing of these operators marked a pivotal moment in Nigeria’s technological and economic development, allowing the country to leap into the era of mobile communication.
Obasanjo acknowledged the critical role these funds played in shaping the telecom industry, which has become one of the most significant sectors in the nation’s economy today.
The successful auction of these telecom licenses provided the capital necessary to build the infrastructure and networks that have connected millions of Nigerians, driving economic activity and fostering innovation across various industries.
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