Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has praised President Bola Tinubu’s approval of a N70,000 minimum wage for Nigerian workers.
Moghalu described the move as a “good thing” and a step in the right direction.
However, Moghalu also emphasized the need for a review of maximum wages and the lifestyle of political office holders, particularly members of the National Assembly.
He argued that the N70,000 minimum wage is the barest minimum, considering economic realities in the private sector, and suggested that it should be closer to N100,000.
Moghalu’s comments come after President Tinubu announced the approval of the N70,000 minimum wage on Thursday, following a meeting with representatives of the Nigeria Labour Congress and the Trade Union Congress.
The president also pledged to support state governments and the private sector to implement the new minimum wage.
The minimum wage increase has been a long-standing demand of Nigerian workers, and Moghalu’s call for a review of maximum wages and political office holders’ lifestyles adds a new dimension to the conversation. It remains to be seen how the government will respond to this call.
Posting on X, Moghalu wrote, “Good thing that President @officialABAT has approved a N70,000 minimum wage with a promise to review every 3 years.
“As I had argued in past months, 70K was the barest minimum and not beyond 100K, bearing economic realities in the private sector in mind. Next, can we review the “maximum” wages and lifestyles of the political class, especially @nassnigeria members?”