Minimum Wage and the Rising Cost of Living in Nigeria
Minimum wage, like we all know, is the lowest possible amount an employer can pay to their employees. And it's worth noting that minimum wage varies depending on the country you're in; it's not a universal thing; instead, it's unique to each country. Take for instance, I'm a Nigerian, and I also base and work in Nigeria as a public servant. And when it comes to the minimum wage in Nigeria, it's 70,000 naira, which, when approximated to dollars, is $50 per month. Now, is this something that's enough to sustain me or an average citizen? Below I'll be responding to that and several other questions related to that.
Now I know how ridiculously low it seems to be compared to top world countries whose weekly minimum wage is also above what we've been paid per month here in Nigeria. Well, even though the cost of living is way different from top world countries compared to ours, it's still worth knowing that $50 as a monthly minimum wage is ridiculously small and can't sustain anything. Take, for instance, a single bag of rice sold at about 60,000 naira, so if you buy that alone, you'll be left with 10,000, which isn't even enough for other things such as transport, family sustenance, and the like.
So since it's now clear that the $50 (₦70,000) minimum wage can't sustain me, will the government doubling the figure make a difference? Will that increase by two make me escape the property stage? The answer is a resounding no, and I hate it because double the current minimum wage is just 140,000 naira, which is just $100, and the truth is that, with the hike in value of almost everything, this same amount can't do anything to ease my financial burden to the barest minimum.
The same is the case if the current minimum wage is tripled, and that's because it'll sum up to a total of 210,000 naira, which is just 150 dollars. This amount is still too low for anyone to survive if I'm being honest. Take for instance, presently I spend at least 40,000 naira on transportation monthly, at least 80,000 on foodstuffs monthly, and at least 8,000 on data monthly, and that's just to mention a few; I haven't talked about my rent, children's school fees, and the like. Seeing how little the amount is, when then can I as an individual save up gradually to build my life, save up to build a house of my own, or buy a car of my own? Maybe never if the minimum wage stays at that.
That's exactly why we keep clamoring for change and a significant increase in the minimum wage. Say, for instance, if the inflation won't rise from where it's at the moment, then the minimum wage being increased to at least 400,000 naira would be a great start that can help change the status of employees around the country. Say, for instance, you start work with such a minimum wage; you'll still have a little to save and use to reinvent your life positively after some months or years. And by the time I grow in grade level, it'll be even more. So that's what I think the minimum wage should be if there won't be any changes to the current inflation; if there are, then there's a need for more increases.
All photos are mine.
Very rich :) !wine !PIZZ
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You've said it all sir.
The minimum wage is nothing to write home about, it can't sustain a bachelor talk less of someone with family to cater for. And an increase will only make sense if the economy is stable.
Thanks for sharing.
❤️❤️❤️
Tripling the minimum wage might sound juicy to a bachelor but not someone with family to feed. The funny thing is, I also mentioned 400k, it felt like our mind was synced on this subject.
Honestly, I was just feeling pains while reading this. Imagine someone working tirelessly for a month only to receive 70,000 if he or she is at the lowest level. Take feeding and transportation out of it and you would realize that you are just offering a free service.
But still, I being that being rich doesn't have to start from so much, even with little, someone who knows how to handle money will still grow.
You are absolutely correct! It's impossible for any public servant to live comfortably even if it's double the current minimum wage. But triple of that would help them afford most basic needs for a month, especially if transportation cost is reduced.
Take the bag of rice example you gave, it would be unrealistic to think triple of the 70k paid to workers can take anyone back to the good times. Gone are the days when our money had value. Right now, we can only fight for change, not just for ourselves but for the generations to come.
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I had AI soften my original response and it came up with :
In my own words? That minimum wage is more insulting than useful. I know you mentioned comparison to other countries and where I live that monthly would be about a half days wage for a minimum wage earner. I'm certain that cost of living is lower there but absolutely not that much lower as you mentioned.
Sorry.. Just thinking of all the people who are stuck in that awful situation makes me sad :(
In British Columbia, Canada where I live, the minimum wage is currently $17.85 CAD/hour before taxes. The cost of living here is very high, the typical monthly rental of a one bedroom apartment is $1,500 CAD/Month Heating and electricity not included.