It has been confirmed by Senator Adams Oshiomhole that there is broad agreement among federal, state, and private companies on the need to increase the federal minimum wage.
In an interview with Channels Television’s “Politics Today,” Oshiomhole emphasised how the outdated nature of the current N30,000 minimum wage in light of the escalating cost of living. He also noted how this drastic reduction in purchasing power affects workers at all levels, from directors and permanent secretaries to entry-level positions.
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Oshiomhole declared, “The current minimum wage of 30,000 is a joke,” highlighting the urgent need for a change.
He went on, “You need to beef it up,” bringing up the possibility of salary indexing to inflation—a strategy used in other market economies.
Recall that former President Muhammadu Buhari signed the current Minimum Wage Act in 2019, setting it at N30,000. The act is set to undergo a five-year review in order to better meet the demands of modern workers in terms of their financial situation.
