Around the year 2018, I was among those receiving the minimum wage of ₦18,000(with some figures), and we complained because it wasn't matching our living expenses. However, people who were there before that time, say around 2003 and earlier, were earning ₦7,500 as a minimum wage. These people would always admonish us to be appreciative because they earned far less in the years before that era. But then, the value of money was reducing drastically, while the cost of living was increasing as well, hence the need for an increment.
I can remember clearly that it was when I finished my NYSC that the minimum wage was doubled from ₦18,000 to about ₦30,000(with some figures), and everyone who was earning at that time became very happy and felt as if life had become better. As for me, I was in pain, I won't lie, for not experiencing that increment. But just as it was, the value of money decreased further, and the cost of living increased so badly that ₦30,000 could no longer sustain a person for a month. This ₦30,000 can barely cater for food for a whole month for a single person, not to talk of families. It became worse when the current president was elected and the fuel subsidy was removed. Everything in the economy crashed immediately, and the ₦30,000 people were earning as a minimum wage became just a small amount, barely enough for basic needs, not to talk of proper feeding, paying house rent, or even daily transportation.
Eventually, the hardship in the country became overwhelming, and it called for a minimum wage review. After that, it was increased to what it is today—, about ₦70,000, which is double what it was before. Mehn, there was jubilation in the country; it felt as if citizens could finally breathe again. But before that was even implemented, things had already become very bad, and although the minimum wage was doubled, the amount is still far from what is needed to confront the economic hardship in the country.
Currently, the Nigeria Labour Congress has been pushing for ₦140,000, which is double the current minimum wage, to be adopted. But the question is, will that be enough to bring about meaningful changes in the well-being of citizens and also help calm the boiling state of the economy? I doubt that.
As it is, the more the minimum wage is increased, the harsher the economy seems to become. Oh yes, once there is an increase in salaries, traders and other business people also increase the prices of their goods and services. To me, I feel the government should focus on stabilizing the economy so that the little everyone earns can actually sustain them. Take, for example, when the fuel subsidy was still in effect, the hardship was not as severe as what we are currently facing. I am not saying the fuel subsidy should be brought back, but there are many aspects of the economy that can be managed better so that livelihoods can improve again.
For example, the cost of food is excessively high, as well as the cost of housing. Although everything seems to be connected to the cost of fuel in the country, proper economic management can still make a significant difference.
Thanks for reading.
This is my entry to Week 211, Edition 01 of the Weekly Featured contest in Hive Learners Community
Image: Own image
