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.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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