In the ever-busy markets of Lagos, and other cities and towns across Nigeria, N70, 000 used to wield a certain power, even as it also used to be a passport to modest luxuries, a buffer against life's uncertainties. But today, that once-mighty sum has been reduced to a mere whisper in the cacophony of inflation. Therefore, as Nigeria grapples with soaring prices, workers’ wallets shrink, and their dreams of financial stability slip through their fingers like sand.

As Roland Reagan once said, "Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hitman." Appraised from the foregoing apothegm, Nigeria's inflation rate has become a tempest, mercilessly battering workers’ purchasing power. In June 2024, the headline inflation rate surged to 34.19%, the highest since March 1996. Without resort to sounding exaggerative in this context, the removal of fuel subsidies and the weakening of Nigeria’s local currency fueled this economic storm. But it is food inflation that strikes at the heart of workers’ daily lives. At a staggering 40.87%, it devours their meager budgets, leaving them grappling with rising prices for bread, cereal, potatoes, fish and even pepper which not a few people at the grassroots are allegorizing to denote the fact that the ongoing government been led by President Bola Ahmed Tinubu is “peppering” the people since he came to power on May 29, 2023. 

Picture this: N70, 000, a crisp stack of naira notes, once promised a month's groceries, a decent wardrobe upgrade, or perhaps a weekend escape to Nollywood's latest blockbuster. But now, it is a vanishing act. 

In fact, recent reports show that the prices of food items have skyrocketed in the last 30 days, with analysts forecasting even higher prices in the months ahead. Data from the National Bureau of Statistics (NBS) disclose that food inflation rose by 40.87% in May 2024 compared to the same period in 2023.  The NBS data also showed the top 10 Nigerian states with high food prices in the review period. 

Without a doubt, the innuendoes and the dance of despair observed by this writer, show that the people are lamenting, and that they are not happy even as their moods find expression in Milton Friedman’s saying that, "Inflation is the one form of taxation that can be imposed without legislation." In fact, it is not an exaggeration to opine that the people, particularly workers whose salaries are typically weak and static, have seen their wallets waltz with despair, and the dance floor is literarily crowded. 

Permit this writer to sound poetic in this context by opinionating that the "Bread and Circuses" illusion wherein politicians promise “Ewa, Cassava and “Agbado”, particularly during campaigns, were all fairy tales as inflation is devouring them, and thus making the promise to become a will-o-the wisp. Meanwhile, we cling to the circus, the escapism of Nollywood, as our pockets grow lighter.

In fact, as prices soar, our silent screams echo through the markets. We bargain, we compromise, but the cost of living keeps rising.

On social media platforms, influencers flaunt designer bags and exotic vacations. But behind the filters lies the reality: N70, 000 won't even buy a round-trip ticket to Abuja.

Without any iota of exaggeration, N70, 000, the once-mighty cash, is now a ghost, fading into the inflationary mist. As we navigate this economic labyrinth, we yearn for stability, for leaders who keep promises beyond campaign rallies. Until then, we count our naira notes, whispering, "Hold on, little one. Maybe tomorrow."

Given the foregoing backdrop, it will not be out of place in this context to say that labor leaders' apparent cheerfulness over N70, 000 in Nigeria's consumer market might seem paradoxical given the inflationary challenges. However, one will not blame them for being joyful as they often engage in wage negotiations with employers and the government, and when they secure a pay raise or minimum wage increase, even if it is nominal, they view it as a victory. To them, N70, 000 may represent progress compared to previous levels.

In a similar vein, N70, 000 serves as a symbolic benchmark. It is a tangible figure that resonates with workers, a rallying point for demands. This is as labor leaders celebrate any gains, no matter how modest, as a sign of their influence.

Still in a similar vein, labor unions exist to protect workers' rights. When they achieve wage adjustments, it reinforces their role as advocates. N70, 000 becomes a shared victory, fostering solidarity among union members.

However, it is essential to recognize that this happiness is relative. Inflation erodes purchasing power, affecting everyone, including labor leaders. Their celebration may be tempered by the harsh economic realities faced by ordinary Nigerians. 

At this juncture, it is expedient to recall that in the wake of the increased minimum wage to N70, 000 per month, aimed at improving the livelihoods of workers that questions have arisen about the practical impact of this wage increase. Many are asking, "Wetin 70,000 Naira go fit buy self for one month?" 

In fact, weighing the propriety of the foregoing question, there is no denying the fact that it is neither irrational nor illogical as it makes sense to ask such question. 

Despite the upward revision, the new minimum wage remains low compared to its peers in Africa. This is as findings reveal that Nigeria, despite being one Africa’s largest economy, has the lowest national minimum wage among its counterparts. Contextually put, Morocco, Africa's sixth-largest economy, boasts the highest monthly minimum wage of $285.61 (equivalent to N428, 415), dwarfing Nigeria's N70, 000.

In fact, the question of affordability looms large. While the increase is a step in the right direction, it still falls short of meeting the demands of workers grappling with inflation, high prices, and economic uncertainties. The rising cost of goods and services, exacerbated by the removal of petrol subsidies, has put immense pressure on household budgets. As a result, N70, 000 may not stretch far enough to cover essential needs for an average family.

To put things in perspective, let's consider some basic expenses: From the perspective of house rent, it is not an exaggeration to opine that in major cities like Lagos that rent for a modest apartment can consume a significant portion of the monthly wage.

Regarding food, a family's food budget, which includes groceries, cooking gas, and eating out, it is very obvious that prices have surged, impacting affordability, even as transportation have become an issue due to unprecedented increase in commuting costs, whether by public transport or private vehicles. 

In the areas of healthcare and education, these essential services also require financial allocation.

However, while bemoaning the relative powerlessness of the N70, 000 in consumer market, it is expedient to agree that the offer reflects solidarity and sacrifice for the Nigerian masses. While it may not fully address the cost of living, labor unions made this decision recognizing the challenges faced by workers. The three-year review tenure ensures periodic adjustments, but the struggle for a living wage continues.

In fact, as Nigeria grapples with economic challenges, the N70, 000 minimum wage represents progress. However, sustained efforts are needed to address inflation, corruption, and economic disparities. The question remains: Can N70, 000 truly provide a decent standard of living for Nigerian workers? Only time will tell, but the conversation must continue, advocating for fair wages and improved living conditions.