Economic Reality Check: 40% of Nigerian Workers Survive on ₦70,000 Minimum Wage – Presidency”

Tope Fasua, the Special Adviser to the President on Economic Matters, revealed that approximately 40% to 50% of Nigerian workers now earn the minimum wage of ₦70,000.

In an interview with Arise News, Fasua emphasized the federal government’s commitment to improving workers’ welfare.

“Currently, the minimum wage is ₦70,000, an increase from the previous ₦30,000. Many states are paying ₦80,000, while others pay between ₦74,000 and ₦75,000. If these wages weren’t paid on time, they are backdated to when they were agreed upon,” he said.

“This minimum wage is primarily set by the government, but it also influences the private sector. However, some private companies have been slow to implement the changes. Many banks, however, have already adopted the new wage since last year.”

Fasua, who stays connected with the general public, explained, “In terms of wages, many are now earning these amounts. I would estimate that 40% to 50% of people are beginning to receive this new wage.”

While acknowledging that some private companies have yet to adopt the wage increase, he also pointed out that the inflation currently affecting the economy is largely driven by the private sector.

“I also encourage people in the private sector to advocate for fair wages, as businesses in competitive industries have raised their prices. This price increase contributes to inflation, and therefore businesses must also raise wages to match the rising cost of living. This will put more money in people’s pockets.”

He concluded by affirming that Nigerians, particularly those in the organized private and public sectors, are now earning more than they did before.