- The Federal Government and the organised labour agreed on N70,000 as new minimum wage
- Nigerians react to the new minimum wage and express their dissatisfaction at the labour congress for agreeing to N70,000
- Nigerians compare the new minimum wage with the previous ones
Following the announcement of the new minimum wage by the federal government, Nigerians have begun to dissect what it means for Nigerians and the economy.
The new minimum wage of N70,000 is equivalent to $44.17 with the current official exchange rate.
Many Nigerians are not happy with the new minimum wage because, according to them, it doesn’t make a difference. Netizens have also said that the minimum wage in 2015, which was N18,000 is better than N70,000 in 2024 because of inflation.
Some believe that the Nigeria Labour Congress did not strike a good deal with the federal government, as N70,000 is not enough to survive, given the cost of fuel, food, and other services and commodities.
A data science account on X, @StatiSense, posted:
“MINIMUM WAGE & PMS (LITRE)
How much litre of PMS can the Minimum Wage purchase?
In 1999 (₦3,000) — 150 litres
In 2000 (₦5,500) — 250 litres
In 2000 (₦7,500) — 341 litres
In 2004 (₦7,500) — 167 litres
In 2011 (₦18,000) — 277 litres
In 2019 (₦30,000) — 206 litres
In 2024 (₦70,000) — 93 litres
@StatiSense also posted:
“NEW MINIMUM WAGE — JULY 2024.
Federal Government and the leadership of the Organised Labour have agreed on ₦70,000 as the new minimum wage for Nigerian workers. ₦70,000.....equivalent of: Official Rate: $44.17, BDC Rate: $47.56, Black Market Rate: $43.15. Minimum Wage back then.... 2011: ₦18,000, equivalent of $117, 2019: ₦30,000, equivalent of $98.
Now in 2024: minimum wage of ₦70,000 average about $45 per month.”
Some Nigerians have also expressed their dissatisfaction with the new minimum wage, while others have called out the labour for folding and accepting such a low minimum wage.
Nigerians react to the new minimum wage
Here are some of Nigerians' reactions to the new minimum wage:
@maxvayshia posted: “70,000 Naira as new minimum wage is horrible in my opinion. A predictable distraction from the unseriously planned protest, to silence Nigerians. The economy has gotten much worse than 70k minimum and solves NOTHING. Nigerians remain on the same spot. These people are inhumane.”
@SirDavidBent posted: “VP renovated his residence with N21 billion. President acquired a new private jet worth millions of dollars. Average senator earns nothing less than 30M monthly in allowances alone. But you're jubilating over new minimum wage of 70,000 naira. A cursed & defeated people.”
@Sports_Doctor2 posted: “The new minimum wage of N70,000 is $42!!!!
Goodluck Jonathan’s N18,000 was worth $118!!!! I won’t join in the bandwagon of those celebrating “Jagaban” .”
@chude__ posted: “The new Minimum wage can’t even buy a bag of rice. The Next Protest should be against NLC.”
@TheMahleek posted: “I don’t know how to explain it but It’s better to earn 30k per month in 2015 than earn 70k per month in 2024. So there’s no thanking anybody abeg.”
@Dr_Pharouk posted: “Now that minimum wage has put to N70,000. Let’s be honest: what can 70k really buy in this economy.”
@_FreshAA posted: “70k as minimum wage is an insult.”
@ENIBOY posted: ”I used to think my mother was the queen of pricing (negotiation). If a trader says the cost of an item is N5,000, she could bring it down to N2,000. But it seems Tinubu is the baba. He brought down Labour’s minimum wage demand from N1m to N650k to 250k and finally 70k. Chai.”
@i_am_justjames posted: “I see people reacting to the 70k minimum wage saga. So you trusted labour? Like you really trusted labour? They gave them 70k, and they were singing 3 gbosa? Abeg, Nija na movie jare.”
@TheoAbuAgada posted: “What is even more annoying is the Labour Leaders' singing praises for President Tinubu because of the 70k minimum wage. Do they not realize how battered our economy is? What is wrong with us?”
@el_bonga posted: “From 400k to 70k. It can only be Labour. Just like I’ve always maintained, don’t always put your trust on them to do something serious. You’ll end up disappointed. They even did tiri gbosa on top am sef.”
Minimum Wage History: Here are all the figures approved by Nigerian government since 1981
Meanwhile, TheRadar earlier compiled the list of all the figures approved by the Nigerian government in the history of minimum wage in the country.
The late President Shehu Shagari signed the first national minimum wage bill into law in September 1981. The salary was N125. Before the ongoing negotiations, the last minimum wage, as approved by President Muhammadu Buhari in 2019, was N30,000.