BREAKING: 40% Of Workers Earn ₦70,000 Minimum Wage

The Presidency has said under President Bola Tinubu Nigerian workers now earn more than they used to, as a result of the new minimum wage.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>

Naija News reports that the Special Adviser to the President on Economic Matters, Tope Fasua, said about 40% to 50% of Nigerian workers earn the minimum wage of ₦70,000.

In an interview with Arise News, Fasau reaffirmed that the federal government was committed to improving the welfare of workers.

“Right now we’re running on a minimum wage of  70,000. We’re coming from 30,000. Many of the states are paying 80,000. A lot of people are not getting it; some 74, some 75. And, of course, if it wasn’t paid, they’d have to backdate and pay from the point that it was agreed.

“This 70% minimum wage is actually coming from the government side of things. But also, it governs what happens in the private sector. However, some of the players in the private sector are a bit slow.

“Many of the banks have actually started to do that since last year as well. So that’s private sector. Not to talk of the public sector, including the state level. I am very much on the street. I go to market. I interact with the people. I take a walk around.

So, essentially speaking, on wage, people are getting that now. I’d say, if I give it a ballpark, I’d say that 40 to 50 percent of people are beginning to get that,” he said.

While noting that some private players have yet to implement the new wage, the Presidential aide stressed that the current inflation experienced in the economy was caused by the private players.

“I also admonished people that in a capitalist system such as we run, sometimes you have to speak up for yourself and negotiate. So, I’m admonishing the private sector players, look, you have to kick in because a number of them, if not all of them, who are in viable businesses have been able to mark up what they sell. That’s why the inflation is there. The inflation is there because people have increased prices.

“And so, because of increased prices, they also need to increase the wages of their people because that’s where the tire hits the tarmac. And put some money in people’s pockets. And I am saying that, indeed, Nigerians are beginning to earn on a different level than what they were earning, especially for organized private sector players and the public sector,” he added.