As states and organised labour draw up modalities to begin the implementation of the N70,000 new national minimum wage, the need for governments to prioritise the welfare of workers amid rising inflation that has eroded their purchasing capacity is crucial, GLORIA NWAFOR reports. Since President Bola Tinubu approved the N70,000 minimum wage for Nigerian workers in June, there have been discussions with labour leaders across states on implementation modalities. This new wage structure, set to last for three years, represents a significant departure from the previous one, which was in effect for five years.
Currently, Nigeria is grappling with a high inflation rate of 33.4 per cent, with food inflation nearing 40 per cent. As a result, Nigerian workers remain among the lowest earners globally, with their purchasing power severely eroded by rising prices.
The high inflation rate has forced many Nigerians to allocate the bulk of their modest salaries to necessities such as food and utilities, leaving little to no room for discretionary spending on luxuries or leisure activities. The Guardian gathered that the situation demonstrates the harsh economic realities faced by the average Nigerian worker, despite the government’s efforts to alleviate their financial burdens through wage adjustments. Already, at the federal level, the National Salaries, Incomes and Wages Commission (NSIWC) said the computation of the new minimum wage for junior federal workers has been completed, statin.