NEWS
Nigerians Debates on #30,000 new Minimum Wage and it’s beneficial
Nigerians Debates on #30,000 new Minimum Wage and it’s beneficial
Since the N30,000 new minimum wage was recently signed into law, there have been debates on how beneficial it is to the workers and the Nigerian economy. While some argued that though it is a laudable step towards worker’s welfare, it is still not enough, others tried to see how it could cause inflation or not.
According to Picodi, minimum wage is not peculiar to Nigeria, it is practiced and updated in several countries across the world. Picodi, in a recent analysis tries to see how enough is the new Nigerian minimum wage in getting basic nutritional needs for workers using the prices of eight universal food groups.
After the analysis, the result showed that eating a nutritional food takes more than half of the new minimum wage, and that the country fared badly in the purchasing power of its minimum pay when compared to other countries. Also, it said that for a basket filled with basic items like bread, milk, rice, eggs, cheese, meat, and vegetable, one will have to pay around N31,536.
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