As labour unions shut down critical sectors of Nigeria’s economy to press home their demands for a N494,000 minimum wage, an investment banker and economist, Atedo Peterside, has accused the Federal Government of ‘poisoning’ the atmosphere for negotiations on a new minimum wage for workers.
THE WHISTLER reported that negotiations between the organised labour and Federal Government’s representatives broke down after they failed to reach a consensus.
The government had insisted that the demand was not in tune with the current economic realities, arguing that implementing such a high minimum wage may lead to job losses.
Currently, the minimum wage is set at N33,000 and the government is offering to double it to N60,000.
Reacting, Nigerians took to micro-blogging platform X (formerly Twitter) to air their thoughts on the proposed minimum wage.
Peterside wrote “The Nigerian minimum wage negotiations were going to be unnecessarily difficult because FG ‘poisoned’ the atmosphere for responsible negotiations by approving a reckless N90bn Hajj Subsidy, Luxury SUVs for Legislators etc thereby creating the false impression that FG was rich”
An X (Twitter) user, Aziz Bakare, tweeted, “A government that can subsidize Hajj with almost N100 billion can pay 200k minimum wage. If you have to scrap all the religious pilgrimage agencies to afford it, do it.”
He added, “A govt that gave 469 lawmakers N150 million each to buy luxury cars that their forefathers did not use while millions of Nigerians slip into poverty CAN pay N200k minimum wage.
“If National Assembly members have to sell those vehicles & slash their emoluments in half, do it.”
Benkingsley Nwashara, another X user, wrote, “You’re worried about the national grid more than the fact that someone is being paid 30-40k as salary in 2024. This issue of Minimum wage has been on for nearly 10yrs. Nothing tangible has been done. Meanwhile N90billion was released for Hajj. Shutting down National grid is necessary.”
Ibrahim Shuwa wrote, “Billions for VP’s residence renovation, Billions on NASS carport, 47 ministers appointed, Presidential yacht & expensive travels with hundreds of aides. But you want the public to believe the govt can’t afford the requested minimum wage.”
However, some Nigerians argued that the private sector would struggle to pay such a high wage, considering the state of the economy.
David Onyemaizu wrote, “Nigeria has an inflation problem. Even if the Nigerian government can magically approve the 494k minimum wage demand, it will only increase the inflation rate.
“I believe NLC and TUC pegged it high, so there can be room for negotiations. A more realistic minimum wage will be around 100-150k.
“And they should work heavily on lowering the inflation rate and for God’s sake, bring back the fuel subsidy. Tinubu’s failed policies have gone on long enough.”
Another user @fozadoza wrote, “NLC really thinks 494k minimum wage will fly? Lmaooo. You want a further unemployed and overworked economy? Everyone shouting it won’t affect private sector are hypocrites.”
Mark Amaza wrote, “It is unrealistic. I’m saying it with my full chest. You people think the minimum wage is only for govt to pay but even the govt itself cannot pay that. But can the private sector pay that either? Can you pay your security man, your cleaner, etc this wage? I’m guessing it’s a no”
@odogwu_cc wrote, “A 400k minimum wage is an unrealistic ask. However, we should remember that the National Assembly earns tens of millions monthly for doing absolutely nothing. Cut their earnings and use it to fund a new minimum wage pay scale.”