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.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will announce a new, lower petrol price on Monday, following the recent price slash by Dangote Refinery. Dangote Refinery had dropped its ex-depot price for petrol from N840 to N820 per litre on Thursday, prompting IPMAN to consider adjusting its rates in response.
Speaking on the development, IPMAN President, Abubakar Maigandi, said the association is aligning with the move and will meet to finalize a fresh price cut for petrol. “Our members will also reduce their prices,” Maigandi said. “We’ll make an official announcement on the new fuel price after our meeting on Monday.”
As of Friday, filling stations across Abuja were selling petrol at varying prices, between N905 and N945 per litre. While NNPC, NIPCO, AA Rano, and Shema outlets were dispensing around N910, Dangote-linked stations like AP and Ardova offered it slightly lower at N905. Others, including Ranoil, Empire Energy, and Total Emadeb, were selling at the higher end, up to N945.
The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).
According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.
When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.
Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.
In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.
The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.
While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.
-
Sport11 hours agoMessi Set MLS Record as he Scores Two Goals for Inter Miami to Beat Nashville
-
Entertainment10 hours agoBurna Boy Says Music Isn’t a Job but a Lifestyle He Doesn’t Need a Vacation From
-
News8 hours agoBREAKING: Former Nigerian President Muhammadu Buhari is Dead
-
Entertainment11 hours agoDrake Says London Rappers Are the Best in the World and No One Can Beat Them
-
Sport11 hours agoVictor Boniface Says He Rejected Premier League Move Due to Too Much Pressure
-
Politics10 hours agoProf Iledare Tells Tinubu to Fix Refineries Instead of Rushing to Sell Them
-
Sport6 hours agoUdinese Demands €15M for Maduka Okoye Amid Sporting Fraud Allegations
-
News6 hours agoGovernor Bago Honors Late President Buhari: “A Steadfast Leader Through Challenges”