Edo State Governor, Adams Oshiomhole has declared the country’s current minimum wage of N18,000, (that is, N200 to one US Dollar), as unrealistic. According to him, this means that workers are earning a meager income of $90 per month, Union Nigeria reports.
The statement was made to State House Correspondents on July 11 after a meeting with President Buhari.
Oshiomole’s public declaration was as follows:
“Let me be very clear, I believe the Nigerian worker is underpaid, particularly in the public sector. If you look at the wage trend now, you will find out that that a graduate earns Level 8 Step 2 in the public service. If the same young man is to get a job in an oil company or some subsection of the public section, his pay will be much more.
“If a worker is confronted with endless rise in costs of living and his wages are stagnant, obviously whether you know it or not, he is already experiencing pressures on his living standard. If you look at the minimum wage when it was fixed, the exchange rate was about N140 to a dollar, so N18,000 is about $130 a month.
“ Now at N200 per dollar, N18,000 is about $90 and so you can see the only beneficiary in this kind of inflationary environment are those who have fixed assets like building. Because the more your Naira is devalued, the higher the nominal value of your assets.”
While speaking on the topic, Mr. Oshiomole did not disclose what he considers to be the ideal minimum wage amount.
What are your thoughts Nigerians? Is N18,000 that low and what should be the new amount if changes are made? Please share your thoughts in the comments section below.
