Latest News
Controversial therapist, Blessing CEO, has opened up on the reasons behind her early marriage and shared her thoughts on the current state of marriages.
During an appearance on the ‘ThisIsPop’ podcast, she discussed her personal experiences and the factors contributing to the rise in marriage failures today.
Blessing CEO explained that her decision to marry at the young age of 18 stemmed from a lack of parental love and support.
She revealed that began dating at 15, seeking affection and validation that she felt was missing from her home environment.
This early pursuit of romantic relationships eventually led to her marriage, which, despite her hopes, did not last.
Reflecting on the differences between past and present marital practices, Blessing CEO noted that marriages were once characterized by a thorough vetting process.
Families would conduct detailed inquiries and investigations into the backgrounds of potential partners, ensuring a greater degree of stability and compatibility.
According to Blessing CEO, the absence of this approach in contemporary marriages contributes to their frequent breakdowns.
In her podcast appearance, Blessing CEO emphasized that many modern marriages are entered into spontaneously, without the necessary groundwork and understanding.
This lack of preparation and the absence of family involvement, she argues, are key reasons why many marriages today fail.
Nigeria creative industry have done more for national awareness than any ambassador – Ali Baba
AFOLABI
Veteran comedian Atunyota Alleluya Akpobome, popularly known as Ali Baba, highlights the significant impact of Nigerian musicians on national awareness.
According to him, these talented individuals have done more to promote Nigeria’s image than any official ambassador.
In a recent interview with Channels Television, Ali Baba expressed his disappointment that despite the entertainment industry’s substantial contributions to the nation’s growth, it remains overlooked in government economic plans.
He lamented that a recent 200-page report by the Nigerian Economic Summit Group, forecasting the country’s economic future, failed to acknowledge the entertainment and creative industry’s value.
Ali Baba emphasized that the creative industry’s influence extends far beyond Nigeria’s borders, citing Burna Boy as an example.
He stated that the Grammy-winning artist has put Nigeria on the global map, showcasing the country’s rich cultural heritage to a worldwide audience.
In his words:
“Two years ago, a forecast of the Nigerian economy in the next five years was looked into by the Nigerian Economic Summit Group and the entertainment and creative industry was not considered.
“A booklet of about 200 pages was done and the creative industry was not considered. The value of the creative industry in Nigeria is beyond the country.”
“Burna Boy has done a lot more for the Nigerian national awareness than any ambassador that have been posted to America, the UK or any other place. So Nigerian artists are creating national awareness and making other countries to know about us than any ambassador would have done.”
Police arrest 27-yr-old lady for stabbing partner to death over ‘Yahoo Yahoo’ proceeds in Imo
AFOLABI
The Imo state Police command has arrested a 27-year-old lady, Oluchi Nzemechi, from Uzoagba in Ikeduru Council Area of Imo state, for stabbing to death her partner, Kelechi Nzemechi, over alleged failure to give her a cut of alleged internet fraud proceeds (Yahoo Yahoo) to the tune of 250 Million Rupiah.
The Imo State Police Public Relations Officer, PPRO, Henry Okoye, stated this to newsmen in Owerri on Monday, while parading the suspect.
Explaining how it happened, the Police command said the “Operatives of the Imo State Police Command through painstaking investigation have arrested a 27-year-old young lady, named Oluchi Nzemechi ‘f’, of Uzoagba in Ikeduru LGA of Imo State, for stabbing her partner, Kelechi Nzemechi, ‘m’, 31yrs, to death.
“On interrogation, the suspect confessed to the crime, admitting that her lover lured her into internet fraud aka ‘yahoo yahoo’. That on 02/06/2024, she had a heated argument with him for failing to give her a cut of an alleged 250 Million Rupiah they fraudulently obtained from a victim in Indonesia, during which she used a kitchen knife and stabbed him on the upper part of his body.”
“The suspect further revealed that in a bid to cover up her criminal acts, she swiftly wrote on a piece of paper; ‘you think you can eat my money and go free, I am baba for the boys, I am coming for your wife and your child including your family’ and placed it on the lifeless body of the victim and ran away from the house. She also stated that she has been living with the victim since 2019 and has a child for him.
“Effort is intensified to recover the alleged 250 million Indonesia Rupiah for a possible return to the owner. The suspect is currently undergoing an investigation at the State Criminal Investigation Department and will certainly be arraigned in court,” Police said.
Media
The European Union (EU) collected €3,435,200 from rejected Schengen visa applications from Nigeria in 2023, according to statistics on Schengen visas.
The EU governments globally garnered €130 million from such rejections, with African and Asian countries bearing 90% of the costs, as reported by EUobserver.
The report highlights that African countries are particularly affected, with visa rejection rates reaching 40-50% for nations like Ghana, Senegal, and Nigeria.
These figures, however, do not account for the additional costs incurred from missed travel opportunities for business and leisure, or the expenses related to legal advice and private agencies involved in visa processing.
The phenomenon of visa rejections has been termed “reverse remittances” as shared by EUobserver, emphasising that these non-refundable fees remain with the EU governments regardless of the application outcome.
“Visa inequality has very tangible consequences and the world’s poorest pay the price,” Marta Foresti, founder of LAGO Collective and senior visiting fellow at the Overseas Development Institute, told EUobserver.
“You can think of the costs of rejected visas as ‘reverse remittances’, money flowing from poor to rich countries. We never hear about these costs when discussing aid or migration, it is time to change that,” she added.
Morocco and Algeria top the list for the highest number of visa applications to the EU.
Data also shows that rejection rates for short-term visitor visas to Europe and the UK are higher for applicants from low and middle-income countries.
The total cost of Schengen visa rejections increased to €130 million in 2023, up from €105 million in 2022.
The rejection rate is anticipated to rise further in 2024, as the EU visa application fee for adults is set to increase from €80 to €90 on June 11, following a recent decision by the EU Commission.
Renowned Nollywood actor, Hanks Anuku, has recounted how a viral video that falsely portrayed him as mentally unstable ruined his career and caused him pain.
Recalls that a video of the movie star went viral in 2022, with Anuku dressed in tattered clothes, roaming around the streets of Asaba, and many people insinuated he was mentally unstable.
Shortly after the video surfaced online, his colleague, Shan George, debunked the claim, stating that Anuku is “not insane” as widely speculated.
Addressing the incident in an interview with Facebook content creator, Lucky Udu, Anuku revealed that the video was from a movie set.
The thespian explained that he was preparing for a role as a mentally unstable character and was getting into character by visiting the environment and meditating.
Anuku lamented the loss of friends, producers, and job opportunities, stating that the viral video left him jobless and isolated.
The actor added that he went through pain and was heartbroken, adding that those who circulated the video destroyed his image.
He said, “I was trying to get into character for a role I was going to play, a madman role. Someone who was not in his correct senses or right frame of mind.
“So I had to go naturally visit the environment on how I would play it in that same neighbourhood. I was just showing the way the director wanted me to do it, meditating and getting into character.
“I lost friends, producers no longer contacted me for jobs. I lost a lot of money, I lost jobs, and I was jobless. People did not care about me. It was God who directed my footsteps to a good soul.
“I went through pain, if you were in my shoes you would feel it. I was heartbroken for these people to do this to me.”
Catholic priest Ejike Mbaka said governors and members of the national assembly should also earn the N62,000 minimum wage proposed by the federal government.
Mbaka stated this while speaking in an interview with AIT on Saturday, reacting to the new minimum wage demand by the organised labour.
Recall that the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had embarked on an indefinite strike over the federal government’s failure to meet their demand for a new minimum wage, disrupting essential services.
May 29 Tinubu Special: One year of teetering on edge of hope0:00 / 1:00
But, the organized labour “relaxed” the industrial action for one week to allow negotiations with the federal government on a new minimum wage.
The federal government and the organised labour subsequently resumed negotiations on June 6 — where the new wage was proposed.
Speaking on the development, Mbaka said Salaries of members of the national assembly have been shrouded in secrecy, eliciting speculation and debate from Nigerians.
Mbaka said, “We can push these poor Nigerians to the point of rebellion. That is my fear. All of us were in Lagos that day, we couldn’t come back.
“Just like a joke the labour people entered into the airport and stopped every operation and if this happen again it might tantamount to what nobody dreams or what we dream but out of fear we cannot release to the public.
“If we decide to give labour N60,000 or N62,000, why not generalise it to the house of assembly members, senatorial members, house of representative members, and governors?
”All of them are civil servants. So, are the others slaves? I cannot imagine why somebody can be amassing billions and billions as sitting allowance, wardrobe allowance, newspaper allowance, vehicle allowance and what they call suffering allowance.
“The people that should have such allowances should be the poor masses in the villages.
“As teachers, how much are they being paid? Our nurses and doctors, how much are they being paid? Let us be realistic, our civil servants that wake from Monday, Tuesday, Wednesday, Thursday, Friday, Saturday.
“They wake up early and return late. How much are they being paid. And look at the level of inflation in the country.”
Mbaka asked the government to “speedily” address the minimum wage issue with the organised labour to avoid another strike.
The cleric said it is a matter of handling the bull by the horn tactfully but very speedily because “if they are not careful, this crisis of a thing can be hijacked and nobody knows the ripples effect.”
More expenses await African nationals seeking visas to enter the European Union as the EU plans to increase visa fees starting Tuesday, according to Schengen visa statistics released on Saturday.
The report stated that starting from Tuesday; African nationals would pay €90 instead of €80 for a Schengen visa application
The report stated that the EU had earned €3.4m from rejected Schengen visa applications submitted by Nigerian citizens.
According to the data, in 2023, African nationals received 704,000 negative responses for their visa requests.
“This means that €56.3m went up in smoke, considering that visa application fees are not refundable,” it stated.
The report noted that a high number of rejected visa applications had caused African nationals to spend millions every year, with the fees known as ‘reverse remittances’ benefitting no one but the EU countries.
“African nationals spent €56.3m in visa application fees in 2023, representing 43 per cent of all expenses; rejection rates in 2023 were especially high for African and Asian countries, which bear 90 per cent of all expenses. Expenditures are to increase by 12.5 per cent starting next week as the EU raises visa fees for adults from €80 to €90 on 11 June, following a recent decision by the EU Commission,” it added.
Algeria was the country of origin for most rejected applications in 2023, representing 23.5 per cent of all amount spent on rejected applications.
The country also had the second-highest number of rejected applications compared to all – 289,000 out of 704,000, representing 42.3 per cent of all requests.
“This nationality group is especially impacted by visa rejections because it has high application rates and they are affected economically when placing visa applications” the report added.
It further explained that Moroccans, top visa applicants from Africa for the year, had the highest number of visas rejected.
“A total of 437,000 visa requests filed by this nationality group were rejected in 2023, representing 62 per cent of the total. As per expenses, Moroccans spent €10.9m on rejected visa applications in 2023,” the report indicated.
It added that Africans were heavily impacted by those expenses, considering that the majority of African countries have some of the lowest wages in the world.
According to the report, the amount of Africans rejected visas is 43.1 per cent of all the amount generated by rejected applications in 2023.
A recent study by EU Observer revealed that the Schengen visa rejections generated an amount of €130m in 2023.
“In the previous year, this amount stood at €105m, showing an upward trend of Schengen visa expenses as well as rejection rates,” the report stated.
The founder of LAGO Collective, Marta Foresti, said, “Visa inequality has very tangible consequences and the world’s poorest pay the price. You can think of the costs of rejected visas as ‘reverse remittances’, money flowing from poor to rich countries. We never hear about these costs when discussing aid or migration, it is time to change that.”
![U-17WWCQ: Flamingos thrash Liberia 4-1 in first leg tie [VIDEO]](/media/k2/items/cache/56dc4faa3428a258b9c74b7392448fb8_S.jpg?t=20240610_090711)
The Nigerian U-17 women’s national football team, the Flamingos, secured a comfortable 4-1 victory against Liberia in the first leg of the final qualifying round for the 2024 FIFA U-17 Women’s World Cup.
The match took place on Sunday evening at the Samuel Kanyon Doe Stadium.
The Flamingos, under the leadership of coach Bankole Olowookere, dominated the game from the outset.
Abidemi Moshood opened the scoring in the 19th minute, setting the tone for a deluge of goals.
Just ten minutes later, Peace Effiong extended the lead with a well-placed shot.
Harmony Chidi added to Liberia’s woes, netting Nigeria’s third goal nine minutes before halftime.
Substitute Blessing Ifitezue sealed the victory with a fourth goal 16 minutes from full time.
Liberia managed to score a consolation goal from the penalty spot in the 87th minute, but it was too little, too late to challenge Nigeria’s dominance.
The reverse fixture is scheduled for next weekend at the Moshood Abiola Stadium in Abuja.
Media
Premier League giants Arsenal have reportedly dropped their interest in Napoli striker, Victor Osimhen, due to his €130m price tag amid player swap rumours, PUNCH Sports Extra reports.
After four successful seasons at Napoli, Osimhen is expected to call time on his career with the 2022/23 Serie A champions this summer, as confirmed by club president Aurelio de Laurentiis.
The Partenopei have fought hard to keep hold of the Nigeria international and agreed a new contract with their star striker last December, but his terms only run until the summer of 2026.
With Osimhen’s contract also including a release clause worth around €130m (£110.6m), De Laurentiis has resigned himself to losing the former Lille man to one of Europe’s financial powerhouses ahead of the 2024/25 season.
Arsenal have been one of a handful of clubs tipped to move for Osimhen, alongside Chelsea, Paris Saint-Germain and Real Madrid, although the latter will not make an approach due to the recent capture of Kylian Mbappe.
It has also been reported that new Chelsea boss Enzo Maresca is against the signing of the 25-year-old as well, as he does not believe that Osimhen is a striker who can link play and drop deep, which is one of his principal requirements.
As a result, a two-way fight could have materialised between PSG and Arsenal, the latter of whom were apparently informed that a part-exchange deal involving Emile Smith Rowe and Takehiro Tomiyasu could have been their ticket to an agreement.
However, according to Sky Italia, Arsenal have informed Napoli that they are not bowing to their £110.6m demands, especially after breaking their own transfer record with the £105m capture of Declan Rice last year.
Arsenal still rate the striker highly but cannot justify forking out a nine-figure fee, which is also the case with most of Osimhen’s other suitors, so De Laurentiis may be forced to relent on demanding that the Nigerian’s release clause is paid in full.
The Napoli president is now under added pressure to accept a lower fee for the Nigerian due to the arrival of Antonio Conte, who wants to reunite with Chelsea’s Romelu Lukaku in one of his first acts as head coach.
PSG are now considered the favourites for Osimhen’s signature, as the ex-Lille man is not keen on moving to Saudi Arabia, and the French champions will save €200m (£170.1m) in yearly wages now that Mbappe has departed.
Osimhen topped the Serie A scoring charts in the 2022/23 season with 26 strikes and netted 15 times in 2023/24 missing a large part of the season due to injuries and the 2023 Africa Cup of Nations.
About 30 travellers, including some students of the Federal Polytechnic, Nasarawa were reportedly abducted by suspected kidnappers along the Abuja-Nasarawa Highway on Friday.
PUNCH Metro gathered from a source who pleaded anonymity due to the nature of the incident on Sunday that the kidnappers laid siege to the vehicles conveying the travellers and abducted them into a nearby bush in the Uke area of Nasarawa State.
The source stated further that a student of the Federal Polytechnic, Nasarawa was travelling to her family in Abuja.
Our correspondent further gathered that a driver of one of the buses who escaped the attack called the attention of the police in the area to the incident.
The source said, “Thirty persons were kidnapped between Nasarawa and Abuja on Friday. The passengers were abducted from two buses and taken into the bush around a place called Uke in Nasarawa State.
“One of the passengers abducted in the incidents is an HND student of the Federal Polytechnic, Nasarawa, in Nasarawa State, who was returning to Abuja to meet her family.
“One of the bus drivers escaped from the incident. When he returned to the vehicle, he picked up some items, including the phone of one of the kidnapped victims, and reported the incident to the police station in Uke.”
When contacted by PUNCH Metro for a reaction on Sunday, the Nasarawa Police Public Relations Officer, Rahman Nansel, confirmed the incident in a telephone conversation with our correspondent, stressing that three victims had been rescued while a search and rescue operation was ongoing.
He, however, said the abducted persons were not up to 30 as claimed but did not confirm the number of the victims.
“The number (30) was exaggerated. An 18-seater bus was recovered at the scene and three people were rescued. A search and rescue operation is still ongoing,” Nansel told our correspondent.
PUNCH Metro reported in October 2023 that there was an invasion of a community in the Keffi Local Government Area by gunmen where four students of the state’s university were kidnapped and taken to an unknown destination.
Confirming the incident, Nansel explained that the abduction of the students occurred in the early hours at Angwan Ka’are area of the LGA.
More...
The Kwara State Muslim Pilgrims Board has disclosed the tragic death of two pilgrims from the state during the ongoing Hajj in Madina, Saudi Arabia.
One of the deaths has been confirmed as a suicide, following investigations by Saudi authorities.
In a press release signed by the Executive Secretary of the board, Abdulsalam Abdulkabir, it was revealed that one of the deceased, Hajia Hawawu, died after falling from the rooftop of her apartment in what was determined to be a suicide.
The incident has cast a sombre shadow over the pilgrimage for the Kwara contingent.
The board’s release also mentioned the death of another pilgrim, Saliu Mohammed, who passed away in an intensive care unit of a public hospital in Madina after he suddenly fell ill. The specific details of his illness were not disclosed in the statement.
Expressing deep regret over these unfortunate incidents, the board described the events as “sad” and stated that it submits entirely to the decree and ultimate knowledge of Allah in all affairs.
The board extended its profound condolences to the bereaved families and prayed for Allah’s comfort and forgiveness for the deceased.
The statement reads, “Kwara State Muslim Pilgrims Board sends heartfelt commiserations to the families of two of our pilgrims who returned to their Lord in Madina, Saudi Arabia.
“Saliu Mohammed, who arrived with Batch 3 of the state contingent, died in an intensive care unit of a public hospital in Madina after suddenly falling ill; while Hajia Hawawu Mohammed (Batch 9) also died following what Saudi authorities have investigated and found to be an unfortunate suicidal episode from the rooftop of her apartment in Madina.
“The pilgrims’ board deeply regrets these sad events but submits totally to the decree and ultimate knowledge of Allaah in all affairs.
“The board sends profound condolences to their families and asks Allaah to grant them comfort and forgive the deceased.”
The match between Rangers and Enyimba in Week 35 of the Nigeria Premier Football League (NPFL) was called off after a late penalty was awarded to the Flying Antelopes.
The crucial Oriental Derby on Sunday was a title decider, with Rangers at the top of the league with 60 points and Enyimba just two points behind.
The stadium was packed with fans for the intense match, which was going well until the referee awarded Rangers a penalty in the 101st minute with the score at 0-0.
The decision sparked protests from Enyimba players, and despite efforts to resume play, the game was disrupted by fans invading the pitch.
Opinions are split on the fairness of the penalty, as the Enyimba defender seemed to pull back the Rangers striker who was attempting a shot on goal inside the box.
A win tonight would have allowed Rangers to establish a five-point lead over Enyimba with only two matches remaining in the season.
“Rangers 0-0 Enyimba #RANENY #NPFL24 #TheFinalStretch.
“Match interrupted after penalty awarded to Rangers in added time,” the NPFL wrote on its X platform.
The league body has not yet commented on the match or the next steps.
See video below:
Media
JUST IN:
— Nigeria Stories (@NigeriaStories) June 9, 2024
Trouble at Enugu as referee awards a late penalty to Rangers, prompting Enyimba players to stage a walkout and Enyimba fans to invade the pitch and disrupt the match. pic.twitter.com/4O6Y6NmnlZ
Mr. Quadri I Adeyinka, a staff of the Nigeria Immigration Service has bagged a 7-year jail term over fraud pertaining to a travelling passport fraud.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) made the revelation on Sunday evening through its spokesman, Demola Bakare.
The immigration officer’s journey began after he was arraigned by ICPC before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja.
According to the ICPC spokesman, Adeyinka was arraigned on a four-counts charge bordering on gratification, conferment of corrupt advantage and cheating contrary to extant provisions of the Corrupt Practices and Other Related Offences Act, 2000 and the Penal Code Act.
Meanwhile, the ICPC Counsel Dr. Osuobeni E. Akponimisingha told the court how Adeyinka defrauded one Mr. Ovie Justice Ojeffia under the pretence of regularising his international passport.
According to him, Adeyinka received the sum of N100k from Ojeffia to regularise the said passport “but reneged.
“The victim thereafter petitioned ICPC, which led to the investigation and arraignment of the convict before the court.
“In his judgement, Justice Onwuegbuzie found Mr. Adeyinka guilty on all four (4) counts charge and sentenced him to seven (7) years each for counts 1 and 2, five (5) years for count 4 and two (2) years for count 3. The sentences are to run concurrently,” Bakare said.
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]