Several economists and political analysts have expressed disappointment and criticism over the newly approved N70,000 minimum wage for Nigerian workers.
In separate interviews on Friday, they described the amount as “poor” and “disappointing” considering the current economic situation in the country.
Collins Anike, an economist, commended President Bola Tinubu’s promise to review the national minimum wage law every three years but emphasized that the approved amount falls short of meeting the demands of workers and the public, according to Peoples Gazette.
“I commend his promise to review the national minimum wage law every three years, but he should have considered what was already discussed to meet the needs of the people,” he said.
Titus Ezeh, a political analyst, called on the government to review critical sectors of the economy, address inflation and energy tariffs, and prioritize food security.
“There is a need to revisit the hike on energy tariff, petrol pump price and inflation which is really troubling the masses,” Mr Ezeh said.
Regina Agbo, a petty trader, highlighted the impact of the electricity tariff hike on businesses and the economy, citing increased production costs and rising prices of goods.
“The cost of production and rising prices of goods has caused difficulties in the system,” she said.
The organized labor had proposed a minimum wage of N250,000, while the government and private sector proposed N62,000.
The criticism suggests that the approved minimum wage may not adequately address the economic challenges faced by Nigerian workers and may need further review to ensure a fair and living wage.
