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.