In recent times, what has been on the lips of every adult in my country, Nigeria is the minimum wage increment.
Image is mine
In Fact, just last week here there was a nationwide strike orchestrated by the Labor Union, just to arm twist the Federal government of Nigeria to come to agreement and increase the minimum wage from 30,000 Naira monthly to about 400,000 Naira monthly.
When I saw that news, I just laughed, in an economy that is not productive? I even laughed more because some Nigerians are supporting it and are even excited that finally they can afford a bag of rice, lol…. Before now, a bag of rice sold for as low as 10,000 Naira. Today it is selling for 89,000 Naira minimum. Last month I bought beans a custard rubber for 4000Naira, three weeks later, I am getting that same custard rubber for 7000 Naira.
The thing is, as long as we continue to see minimum wage as the problem, we shall continue to cry hot tears.
You know when I discuss the minimum wage with my fellow countrymen and women, one question I ask them is “What took our inflation rate from 28.9% to 33.95%?” They will say it's subsidy removal, then what prompted that subsidy removal? They will say it's the corrupt practices of the elites to be diverting the petrol subsidy for selfish reasons, but then that is only half of it.
It should be worthy to note that the Nigerian Government borrows heavily to finance their annual budget, then there's corruption and misappropriation of funds not to mention mismanagement, with almost zero accountability.
The unanswered questions will remain, will the government borrow to pay workers? Where will they get the money for minimum wage increment from? Because If the government is increasing the minimum wage, I'm pretty sure they will look for another Economic policy to collect the money back.
Just like they increased the minimum wage to 30,000 Naira.
Next, they announced a total removal of the fuel subsidy, which brought us to where we are today because the government basically does not give to the people, they take especially our African leaders.
Now the question of, is the minimum wage in my country realistic or not? And What do I think will remedy the situation?
Personally, I do not look at the quantity of money but the quality and the quality lies in value.
Fact is, no matter how they want to increase our minimum wage rate with the current economic situation, that increment is useless as it's without value.
Now with the Nigerian problem, the best solution to our predicament is not minimum wage increment but Economic stability.
Let's say our refinery is functioning, and we no longer export crude oil to import its finished product. There will be job creation and a crash in the cost of petroleum products, which will in turn curb down on the inflation we are currently experiencing.
Let's say we have steady power supply and no longer have to go weeks and months without electricity. There will be low cost of production, couple with the functioning refineries, life will be good.
Let's say we have a productive workforce and trimmed civil service, we don't have to deal with ghost workers and government officials earning at least Twenty five million Naira monthly, we won't have to deal with budget deficit.
If we can also diversify to be an export induced economy rather than rely majorly on import, plus we have security assured, we will have our economy running at Optimal speed.
What is the minimum wage in your country currently?, Do you think it's enough or realistic for the common person? If you could change something about this situation in your country, what would you do?
