Illustration of inflation. Photo: Premium Times.
Professor of Economic, Gesiye Angaye, has said Nigeria’s N70,000 national minimum wage has failed to significantly improve workers’ welfare, arguing that persistent inflation has eroded much of its value less than two years after implementation.
The economists stated this in a policy paper titled, ‘Beyond Minimum Wage Increases: a Towards A Better Strategy for Improving the Welfare of Nigerians,’ which was made available to PUNCH on Wednesday in Yenagoa.
He argued that salary increase alone cannot shield Nigerians from economic hardship without complementary reforms to curb inflation and improve productivity.
The professor recalled that President Bola Tinubu signed the N70,000 minimum wage into law on July 29, 2024, amid widespread expectations that the increase would cushion the impact of the rising cost of living. Related News FAAC shares N2.55tn as June revenue jumps ‘CBN may hike rates as election spending pressures rise’ FG, states, LGs get higher revenue as June allocation hits N2.55tn
