President Bola Tinubu has approved a new minimum wage of N70,000, which is $44.67 per month for Nigerian workers, using the closing exchange rate of N1566.82 on July 18, 2024.
The wage increment represents a 133% increase compared to the previous N30,000 ($20) approved in 2019.
Tinubu approved the new minimum wage after meeting with labour leaders in his Aso Rock Villa, Abuja, on Thursday, July 18, 2024.
Despite the upward adjustment, Nigeria’s wage is substantially lower than that of its neighbouring African nation.
BusinessDay reports that Nigeria’s minimum wage starkly contrasts the earnings of Tinubu, who receives N8,625,000 monthly ($5,750 converted at N1,500/$).
President Tinubu’s figure is approximately 123 times higher than the new minimum wage, highlighting a significant disparity in income distribution.
A recent report by SBM Intelligence, which compares monthly salaries and minimum wages across Africa’s largest economies, underscores the disparity.
Morocco, the continent’s sixth largest economy, offers the highest monthly minimum wage at $285.61 (equivalent to N428,415).
This amount is six times higher than Nigeria’s current minimum wage.
TimesNow.com.ng earlier reported that the NLC and TUC leaders were seen in a trending video hailing Tinubu at the end of their minimum wage meeting at the presidential villa in Abuja on Thursday, July 18.
Tinubu had pegged the minimum wage at N70,000 after months of negotiations between the government, labour, and the organised private sector.
The president also promised the workers other incentives, including the review of the minimum wage every three years.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
