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Commentary On Significance Of The New Minimum Wage of N70k
From this October, Nigerian workers will begin to enjoy a new minimum wage of seventy thousand naira (N70,000). This is particularly so for workers in the employ of the State Government and the Federal Government.
So far, twenty-three Governors have shown their readiness to implement the new minimum wage in their respective States.
Among this figure are eleven State Governors who have announced an amount higher than the approved seventy thousand naira by the Federal Government. This is indeed a paradigm shift because for the first time in the history of Nigeria, some state workers will earn higher salaries than their federal counterpart.
For workers in Lagos and Rivers State, the new minimum wage is Eighty-five thousand naira (N85,000).
Enugu, Akwa Ibom, and Niger States have announced Eighty Thousand Naira (N80,000) as minimum wage.
Delta State has approved Seventy-seven Thousand, Five Hundred Naira, (N77,500) while Ogun State announced Seventy-seven Thousand Naira, (N77,000).
Kebbi announced Seventy-five Thousand Naira, (N75,000), Ondo Seventy-three Thousand Naira, (N73,000), Kogi Seventy-two Thousand, five hundred naira (N72,500) while Gombe announced Seventy-one Naira (N71,500).
Kwara, Anambra, Kastina, Ebonyi, Adamawa, Borno have aligned with the Seventy Thousand Naira (N70,000) approved by the Federal Government.
By and large, the new minimum wage will have a positive effect on the purchasing power of workers. Although such effect will be minimal considering the increasing prices of commodities at the markets.
In Kwara State, the pump price per litre of petrol now sells for between one thousand ten naira to one thousand seventy five naira depending on the marketer. This has had ripple effect on prices of commodities and cost of transportation. For traders, the high cost might not mean so much as they simply push it on whatever item they sell, same goes for the transporters who push the brunt of the hike of petrol on their passengers. The question is, where does the civil servants push his excesses?
House rents have been multiplied, so have school fees. All these demand a fair share from the new salaries workers will receive.
Therefore, it behoves on the ordinary civil servants to begin to spend according to the resources at his disposal not forgetting to save for the raining day. Doing otherwise will only lead to accumulation of debts. No doubt, there will be unmet needs but there should also be some level of satisfaction for the needs met.
It was worthy to commend the leaders of the joint labour unions for their uprightness and determination. Their negotiating power has brought the Nigerian workers this far. It is however not yet uhuru until workers in the private sector also get paid in accordance with the new minimum wage of Seventy Thousand Naira (N70,000). Therefore, labour unions should make deliberate effort to ensure that private organisations, including schools, increase salaries of their employees.
It is one thing to declare a new minimum wage, it is another to implement the promises made. Hence, there is need for labour to carefully monitor the process as compliance and timely payments are essential. Also, significant adjustment of salaries for senior staff is also important.
To further cushion the effect of inflation on the populace, Government must be intentional in ensuring that policies made begin to yield positive results and that supports meant for small businesses gets to the deserving persons.
In all, the Nigerian workers should understand that the minimum wage is just a figure, what they make out of it is what matters. And that includes being prudent.
Written By Rasheedat Iliyas
Audio By Olusegun Ajileye
