According to the Presidency, the new minimum wage implemented under President Bola Tinubu has boosted Nigerian workers’ incomes.
According to Tope Fasua, Special Adviser to the President on Economic Matters, between 40 and 50 percent of Nigerian workers make the ₦70,000 minimum salary.
Fasau reiterated in an interview with Arise News the federal government’s commitment to enhancing worker welfare.
We currently make 70,000 per year, which is the minimum salary. Our journey is from 30,000. Numerous states are making payments of 80,000. A large number of people—74, 75—do not understand it. Naturally, they would also have to pay backwards from the agreed-upon date if it wasn’t paid. It is the government that is genuinely responsible for this 70% minimum wage. However, it also regulates the private sector. Nonetheless, some private sector participants are a little slow.
Actually, a lot of banks have begun doing that since last year as well. So, the private sector is that. The public sector, especially the state level, is another matter entirely. I am definitely homeless. The market is where I go. I engage with the population. I go for a stroll around.
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People are now receiving that, in essence, on a wage. By my estimation, between 40 and 50 percent of people are starting to understand it,” he stated.
Although some private companies have not yet adopted the higher pay, the presidential adviser emphasized that the private companies were to blame for the current inflation in the economy.
Furthermore, I cautioned that in a capitalist system like the one we operate in, it is sometimes necessary to advocate for oneself and engage in negotiations. The private sector participants, I’m warning you, need to step up because many, if not all, of them who have successful enterprises have been able to mark up their products. For this reason, there is inflation. The reason for the inflation is that people’s prices have gone up.
Due to the fact that the tire touches the tarmac there, they must raise their employees’ wages in addition to raising pricing. Put some cash in people’s pockets as well. He went on to say, “And I am saying that, in fact, Nigerians are starting to earn on a different level than what they were earning, especially for organized private sector players.”
