After several days of deliberations, the Nigerian government and Organised Private Sector (OPS) jointly proposed N62,000 as minimum wage raising the amount from the N60,000 earlier proposed.

But an analysis conducted by THE WHISTLER has shown that the amount is far less valuable than the N7,500 minimum wage of 2000, N18,000 wage of 2011 and N30,000 wage of 2019.

Since the removal of fuel subsidy in 2023 and the introduction of a managed float of the naira which now trades at N1485.8 at the official market from N462 per dollar in 2023, the cost of living has spiked beyond the reach of most Nigerians.

Inflation has risen from 22.41 per cent when the administration took over office in May 2023 to 33.69 per cent in April 2024.

Since 1999, the Nigerian government has paid N7,500 as minimum wage which was later reviewed to N18,000 in 2011 and N30,000 in 2015.

But currency depreciation, inflation, and high cost of living have, overtime eroded the value of wages.

N7,500 minimum wage in 2000 VS N62,000 In 2024

The Nigerian government led by former president Olusegun Obasanjo paid N7,500 minimum wage in 2000 and at the time, the exchange rate was N91.83 per dollar according to data from the Central Bank of Nigeria.

Based on the time value of money, the N7,500 minimum wage was equivalent to $81.67 in 2000. Compared with the current CBN exchange rate, the proposed N62,000 minimum wage is valued $41.7.

By implication, the N7,500 minimum wage which equals $81.67 in 2000 is worth N121,349.23 in 2024 at the prevailing exchange rate of N1,485.8 per dollar. The newly proposed minimum wage is 195.7 per cent lower than the N7,500 paid under Obasanjo.

Other Indices

Also, when comparing commodity prices, the price of a 50-kilogram bag of rice in 2000 was N2,500 which implies that N7500 wage can afford three bags of 50kg rice while N62,000 minimum wage can not afford a bag of rice that sells between N79,000 to N82,000 per 50kg bag.

In 2000 N7,500 minimum wage could buy 14 bags of cement at the price of N550 per 50kg bag while the proposed N62,000 wage can buy almost buy eight bags of cement (7.75 bags) at an average price of N8,000.

Comparing the cost of borrowing, in 2000, the CBN monetary policy rate was 11.7 per cent according to the World Bank while as of May, MPR was hiked to 26.25 per cent making it over twice more expensive to service loans.

N18,000 minimum wage in 2011 VS N62,000 In 2024

In 2011, the Goodluck Jonathan administration made an upward review of the minimum wage after 11 years from N7,500 to N18,000.

When the wage was raised to N18, 000 the exchange rate was N196.99 per dollar. At the exchange rate, the N18,000 wage was equal to $91.3 while the proposed N62,000 minimum wage is $41.7 at CBN exchange rate of N1485.8 per dollar on June 6, 2024.

Consequently, the value of the N18,000 ($91.3) minimum wage in 2024 is N135,653.5 at the current exchange rate of N1485.8 per dollar. By implication, workers are paid 218.7 per cent far less than they earned in 2011.

Other Indices

In 2011, the average price of a 50kg bag of rice was N9,000 and the N18,000 wage could afford two bags of rice while the proposed N62,000 wage can not buy a bag of rice that is sold between N79,000 to N82,000 in 2024.

Nigeria’s N18,000 minimum wage could also buy 9.23 bags of 50kg cement which was sold at N1,950 in 2011. However, the newly proposed minimum wage of N62,000 can only buy almost eight bags of cement at an average price of N8,000.

Based on interest rate, the benchmark rate of the CBN was 12.0 per cent in 2011 while the CBN has raised the rate to 26.25 as of May 2024.

N30,000 minimum wage in 2019 VS N62,000 In 2024

After the Jonathan administration ended in 2015, his successor, former president Muhammadu Buhari also approved N30,000 national minimum wage in 2019. Labour unions protested the high cost of living after inflation rose to 11.25 per cent in March 2019.

When compared with the proposed N62,000 minimum wage, THE WHISTLER found that the N30,000 wage in 2019 is 234 per cent higher.

A breakdown reveals that the exchange rate as of the time was N306.95 per dollar which means the N30,000 wage was equal to $ 97.73. Using the exchange rate of N1,485.8 per dollar, the $97.73 (N30,000 in 2019) is worth N145,215.8 in 2024.

Other Indices

Between 2019 and 2024, the price of a 50kg bag of rice surged from N24,000 to N82,000 respectively.

In 2019, the minimum wage could buy one bag of 50kg rice with N6,000 balance, but in 2024, the proposed N62,000 wage cannot buy a bag of 50kg rice.

Compared with the purchasing power of the two wages to buy 50kg bag of cement, the N30,000 minimum wage could buy 12 bags at the cost of N2,500 per bag. Meanwhile, the N62,000 wage can only buy almost eight bags of cement at an average price of N8,000.

Also, the cost of borrowing was lower in 2019. The CBN MPR was 13.5 per cent while the rate is 26.25 per cent making it more expensive to access loans and service debt.

[THE WHISTLER]

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted five different parcels containing illicit drugs concealed in ladies’ clothes and synthetic hair.

The drug consignments were intercepted by NDLEA officers of the Directorate of Operations and General Investigation (DOGI) on June 5.

A statement by the Agency on Sunday revealed that the drug consignments, seized at a courier firm in Lagos were en route to the United States and United Kingdom.

“Some of the seized drugs include 620 ampoules of pentazocine injection, promethazine and other opioids,” the Agency revealed.

Similarly, the NDLEA in collaboration with the Customs Service and other security agencies
intercepted a consignment of 175,000 bottles of the same opioid imported from India on June 7

The seizures followed intelligence, inciting the Agency to demand that the shipment be stepped down for a total examination

The container, marked HASU 4787890 from India and routed to C to C bonded terminal in Enugu comprised 875 cartons of codeine containing 175,000 bottles and weighing 26,250 kilograms.

Also, on June 8, NDLEA operatives on patrol along Kalgo-Birnin Kebbi road, Kebbi State arrested Hassan Mummuni, 32, with 4,000 pills of diazepam and 1.250kg cannabis, concealed in four pesticide tanks.

On the same day, the agency in Gombe state arrested Ibrahim Abubakar, also known as Alhajiji in the Herwagana area of the state with 6,740 pills of tramadol and 20,000 tablets of diazepam.

A chieftain of the All Progressives Congress (APC) Osun State, Olatunbosun Oyintiloye has decried the recent exit of multinational corporations from Nigeria.

He adviced President Bola Tinubu to bolster the economy so the nation would retain and attract more investors.

The former state House of Assembly member highlighted the potential repercussions of multinational departures.

Speaking to newsmen in Osogbo, Osun State on Sunday, he identified diminished foreign investment, extensive job losses, and economic downturn as some of the effect of the multinationals exit.

Oyintiloye cited notable exits like Kimberly-Clark, the makers of Huggies, alongside GlaxoSmithKline Consumer Nigeria Plc and others, which have either fully or partially ceased operations.

He acknowledged Tinubu’s efforts to stabilise the economy, but pointed out the urgency of addressing business environment hurdles cited by departing firms.

The APC chieftain insisted that the government needs to restore Nigeria as an attractive destination for multinationals and empower local manufacturing industries.

He proposed flexible foreign exchange policies, tax breaks, and incentives to retain existing investors.

According to him, “There is no doubt that the president has been putting measures in place to revamp the economy, increasing foreign direct investment and also making local industries vibrant and competitive.

“Government should create a more flexible and transparent foreign exchange policy to address scarcity issues , reduce the inflationary trend which has reduced consumers’ demand and purchasing power, Create tax breaks, review economic and fiscal policy.

“The government should also look at how to give incentives to some of the multinationals that are still operating in the country.”

Former Vice-President Atiku Abubakar has revealed how he saved President Bola Tinubu’s political career. 

Atiku stated this while reacting to the widely held position that the President Tinubu came to his rescue following his spat with former President Olusegun Obasanjo, leading to his contesting the presidential election on the platform of Action Congress (AC) in 2007. 

The former president said without his support to President Tinubu, his political career could have ended as the governor of Lagos State.

Atiku, in a statement through his Media Adviser, Paul Ibe, said, “Vice President Kashim Shettima goofed when he claimed that former Vice President of Nigeria, Atiku Abubakar benefited from President Bola Tinubu’s goodwill when he was being “persecuted” in the PDP. 

“Truth be told, it was Tinubu that actually benefited immensely from Atiku’s goodwill. But for Atiku’s support, hinged on his pro-democracy instincts and rule of law, Tinubu’s tenure as governor of Lagos would have been rough with a wide possibility of termination of his political career.

 “For some time, and especially leading up to the 2023 election, there has been a deliberate attempt to distort the history of the politics of the early 4th Republic by ascribing the AC, the political platform that Atiku ran in 2007 as Tinubu’s party.

“Nothing can be further from the truth. Vice President Shettima, obviously carried away with the euphoria of the unveiling of his official residence as Vice President, repeated the same lie.

“Shettima needs to be reminded that Atiku did not run under the Action Congress of Nigeria (ACN), but Action Congress (AC). AC came out of a coalition of ACD (Advance Congress of Democrats), formed by mainly PDM members and other associates and Tinubu’s faction of AD.”

According to him, President Tinubu was not in a position to lend the platform to Atiku “as erroneously being suggested, as he (Atiku) was nominated by all the delegates from all the states.”

He then went further to name the delegates to the primaries of the election that threw up the former Vice President as the party’s presidential candidate to include Atiku Abubakar himself, Lawal Keita, Amb. Yahaya Kwande, Dr. Okwesilieze Nwodo, Alexis Anielo, Titi Ajanaku, former Governor Rasheed Ladoja, Chief Tom Ikimi, and Chief Dapo Sarumi. 

Others he said were Chief Sergeant Awuse, Alh. Lawan, Dr. Chris Ngige, Prof Ango Abdulahi, Dr Farouk Abdul Azeez, Chief Audu Ogbeh, Chief Ejiofor Onyia, and Dr. Iyorchia Ayu, among others.

He added that from Tinubu’s Alliance for Democracy were Asiwaju Bola Tinubu, Chief Segun Osoba, Chief Adebayo Adefarati, and Chief Bisi Akande, among others.

Popular Nigerian actress, Yvonne Jegede has opened up about her separation from her ex-husband, Olakunle ‘Abounce’ Fawole, in 2019.

Speaking on a snippet of the upcoming episode of “The Honest Bunch” podcast, Jegede expressed regret in choosing love over financial stability in her marriage.

She said her ex-husband’s inability to handle jokes on age difference contributed to their marriage crash.

“He’s eight years older than me, but the moment we got married, if I tell am say e dey craze he will say I’m disrespecting him. It’s the same me, it’s the same se orie ope (are you crazy) that you know. I’ve always said this for over 10 years,” she said.

When questioned about her decision to leave the marriage, Jegede clarified that the cause was not merely the perceived disrespect.

“That was what made me pause, but it was not even close to what ended it,” she noted.

She disclosed that financial imbalance added to their separation. “Let me just state the fact I was bringing more of the money. Today I’m taking care of my son like nobody exists around me. It’s not easy and it’s not funny. I for go for money,” she stated.

While recalling her pregnancy period, Jegede said, “I get belle, e know say I get belle, I will go my friend house for Ikoyi go stay,” she recounted, while noting the difficulties she endured.

In 2019, the mother of one confirmed the end of her marriage to fellow actor Olakunle ‘Abounce’ Fawole, barely a year after they tied the knot.

The government of President Bola Tinubu has been sued over failure to publish spending details of the loans obtained by the governments of former presidents since the return to democracy in 1999.

The suit was filed against the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Debt Management Office (DMO) by Socio-Economic Rights and Accountability Project (SERAP).

In the suit number FHC/L/CS/353/2024 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court to direct and compel Tinubu’s government to publish the loan agreements obtained by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.

Aside publishing the spending details of any such loans, the organisation is also asking the court to direct and compel the government to include the interests and other payments so far made on the loans.

According to SERAP, publishing the spending details of such loans will help to explain why, despite several billions of dollars in loans obtained by successive governments, millions of Nigerians continue to face extreme poverty and lack access to basic public goods and services.

The organisation is argues that accountability of government to the general public is a hallmark of democratic governance, which Nigeria seeks to achieve.

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Andrew Nwankwo, read in part: “Publishing the loan agreements would improve public accountability in ministries, departments and agencies (MDAs).”

“Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information.”

“Publishing the agreements and spending details would allow the public to see how and on what these governments spent the loans and foster transparency and accountability.”

“Publishing the loan agreements signed by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari, and widely publishing the agreements would allow Nigerians to scrutinise it and to demand accountability for the spending of the loans.”

“According to Nigeria’s Debt Management Office, the total public domestic debt portfolio for the country’s is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion).”

“Nigeria paid $6.2 billion in 2019 as interest on loans while the country paid $6.5 as interest in 2018. Nigeria also paid $5 billion as interest on loans in 2017 while the country paid $4.4 billion as interest in 2016. For 2015, the interest paid on loans was $5.5 billion.”

“Substantial parts of the loans obtained by successive governments since the return of democracy in 1999 may have been mismanaged, diverted or stolen, and in any case remain unaccounted for.”

“Persons with public responsibilities ought to be answerable to the people for the performance of their duties including the management of the loans obtained between May 1999 and May 2023.”

Meanwhile, no date has been fixed for the hearing of the suit.

Former employees of the Central Bank of Nigeria (CBN) have criticized their abrupt termination, pointing fingers at the management for mistreatment and injustice.

They alleged that numerous individuals were not compensated with their entitlements before their termination, a decision they contended breaches the bank’s human resource regulations and policies.

In a statement made on Sunday in Jos, the capital of Plateau State, the North Central Coordinator of the Conference of Autochthonous Ethnic Communities Development Association Youth Wing, Paul Dekete, demanded the immediate reinstatement of the dismissed workers.

The statement partly read, “The purge wasn’t limited to high-level executives. It extended far beyond directors, impacting Deputy Directors and Assistant Directors who formed the backbone of departmental operations. These were not junior staff; they were seasoned professionals with deep institutional knowledge.

“For example, the Director of Information Technology was overseeing crucial projects on the very day they were terminated, including efforts to secure international information security certifications for the bank.

“In a particularly egregious case, a Director on special assignment, tasked with leading the bank’s efforts to secure an ISO certification for information security, was sacked on the very day the bank successfully achieved this crucial milestone.

“Central banking relies heavily on robust cybersecurity measures, and this certification is a testament to the Director’s competence and the bank’s commitment to financial security. This abrupt dismissal, on the day of a major accomplishment, raises serious questions about the planning and rationale behind the mass layoffs.

“The mass sack violated the bank’s own HR policy, which mandates board approval for executive terminations.

“This blatant disregard for due process has raised serious questions about transparency. The CBN, a federal institution, must adhere to public service rules. This dismissal exercise, carried out without board approval, lacks a solid legal foundation.

“Making matters worse, the bank offered no clear criteria for the mass sacking. This is a stark departure from their established culture of clear communication with staff during downsizing exercises.”

Dekete, speaking on behalf of the dismissed CBN workers, highlighted the abrupt termination process, which left long-serving employees jobless without consideration for their loyalty and dedication.

The dismissals not only caused financial distress, with loans tied to salaries immediately deducted, but also raised concerns of ethnic bias, particularly affecting the North Central and South Eastern regions.

Additionally, the removal of the entire Economic Intelligence Unit (EIU) raised worries about the bank’s ability to combat financial crimes effectively.

Dekete urged for a review of the termination decisions and called upon regional governors to intervene and address the concerning situation.

Prophet Archbishop Emmanuel Mutumwa, a Zimbabwean prophet who made a claim that God has provided him with the winning formula at casinos, has been banned from gambling establishments after reportedly winning $30,000 at one of the outlets.

Commenting on getting banned, Prophet Archbishop Emmanuel Mutumwa, the leader of the Johanne Masowe eChishanu Apostolic Sect, who revealed that his winning is the biggest at a local casino said; “This is the biggest win ever recorded at the casino. I broke the previous record by almost double, and it was the biggest jackpot won on the site this year.

"My celebrations were cut short, however, because I have been banned by other casinos for winning too much. They claim that since I am a prophet, I am receiving visions from God about the winning numbers. They fear they will go bankrupt because I will win too often” 

Defending his winnings,  he disclosed that he used the money to pay school fees for some of his church members and to provide start-up funds for their businesses. He also defended gambling. 

He added; “God works in mysterious ways. This win wasn’t about luck, but a test of faith. I prayed for guidance, and the Lord provided the numbers through a vision. Isn’t it a blessing to use these winnings to uplift my congregation? Gambling, when done responsibly, can be a source of good fortune that can be channelled towards helping others.

"Many people also come to me for spiritual guidance on winning lottery games, at casinos, or when placing bets. Interestingly, many of them have reported winning much more frequently since seeking my guidance.” 

A manager at a local casino confirmed that betting establishments typically restrict or close accounts of those who win consistently. This policy aims to protect the financial stability of the casinos.

The Nigeria Labour Congress (NLC) is poised for President Bola Tinubu’s verdict on the newly proposed ₦62,000 minimum wage, which emerged from recent discussions between the Federal Government and the Organised Private Sector.

NLC President, Joe Ajaero, expressed that the President’s response would significantly influence Organised Labour’s forthcoming actions.

The proposal, adopted at Friday’s meeting of the Tripartite Committee on the new minimum wage in Abuja, was initially met with resistance from labour representatives.

Trade Union Congress (TUC) President, Festus Osifo immediately rejected the figure, stating that labour would not accept anything less than ₦250,000 as a fair minimum wage.

In addition, the NLC issued a statement criticizing state governors for their refusal to even meet the previously proposed ₦60,000, labelling their stance as detrimental to the welfare of economically vulnerable groups.

Imo State Governor, Hope Uzodimma, alongside TUC President Osifo, confirmed the ₦62,000 figure at the conclusion of the Tripartite Committee meeting.

Governor Uzodimma explained that the committee’s recommendation would be forwarded to President Tinubu, who is expected to submit an executive bill to the National Assembly outlining the final minimum wage figure.

In his conversation with The Nation, Ajaero mentioned that Labour is prepared to wait for the President to consult further before making his decision public.

He recalled how the current ₦30,000 minimum wage was set, noting that a lower figure had initially been suggested before being raised by the then-president prior to legislative approval.

Former world heavyweight champion, Anthony Joshua, is making waves once again due to the latest Sunday Times Rich List, which sees the British-Nigerian’s net worth estimated at £175m, PUNCH reports.

After bouncing back from consecutive defeats by Oleksandr Usyk, Joshua’s recent hot streak includes four straight victories, with his latest win being a knockout blow to ex-UFC heavyweight Francis Ngannou in Riyadh, Saudi Arabia.

Since his stunning Olympic gold medal win at London 2012 catapulted him to fame, Joshua has been climbing the boxing ladder with gusto. But it’s a throwback interview with GQ in April 2017 that really shows the heights he aimed for.

At the time, Joshua was gearing up for his bout with Wladimir Klitschko at Wembley Stadium, which he won by KO. Chatting to GQ, Joshua revealed his financial dreams, saying initially he just wanted to be rolling in millions. But as times changed, so did his goals.

“When I first started, the aim was to become a multimillionaire. But now there are ordinary people, grandmas and granddads, who are worth millions just because of property prices,” he explained.

“So the new school of thought is that I need to be a billionaire. Being a millionaire is good, but you have to set your sights higher.”

Joshua has set his sights sky-high, revealing his financial goals saying, “If I’m making £10 million from my next fight, my next target has to be making ten times that. And if I get to £100m-150m, why not go for the billion? I know self-made billionaires. It’s hard, but it’s possible.”

The boxing star bagged a whopping £66m, his highest purse to date, when he snatched back his WBA, WBO, IBO, and IBF world titles from Andy Ruiz Jr in December 2019. Reports claim he then bagged £31million in his March clash with Ngannou.

Joshua has undeniably boosted his wealth recently, with Forbes estimating his 2020 earnings at a cool $47million. However, according to the latest Sunday Times Rich List, Joshua’s net worth now stands at a hefty £175m, an impressive figure, albeit short of his ultimate goal.

Joshua has always been open about his drive to earn big, telling Yahoo Sports in February 2023 that a big motivation for him is, “Money, money, money. I like making money, straight up. I’ve been broke, my family’s been broke, I know what this sh*t means.

“I always built businesses outside of boxing, out of fear of going back to square one, but when I’m said and done, no one will care about me anymore, so I’ll make the most of it while I’m here.”