History of Minimum Wage, has it favoured Nigerian workers ever since?

Posted by allcitynews.ng That as Nigerian workers have been on gradual increment of Minimum Wage, likewise have cost of things rush to catchup with such increase. What can be a Nigerian worker’s reasonable and sustainable Minimum Wage, based on prevailing hard Nigeria's economic situation today? Although no country can successfully boast of paying living wage to their workers, without any price control in place to checkmate prices of goods and services, will workers enjoy this 2024 review? If in 1981 average worker got ₦125 per per month when cost of living then was affordable with petrol at 20kobo per litre and US$1 = 60kobo, how will it be from 2024 when the upward review of New National Minimum Wage would come into full implementation? In year 1981: First National Minimum Wage became ₦125 per month; petrol was 20kobo per litre and US$1 = 60kobo. In 1990: Minimum Wage was ₦250; petrol was ₦20 per litre; a 50kg bag of rice was ₦400 and US$1 = ₦7.40k. In 1999: Minimum Wage was ₦3,500; petrol was still ₦20 per litre; a 50kg bag of rice was ₦2,500 and US$1 = ₦22. In year 2000: New Minimum Wage became ₦5,500 and ₦7,500 for different categories of federal workers, petrol was ₦30; a 50kg bag of rice was still ₦2,500 and US$1 = ₦86. In 2011: New National Minimum Wage became ₦18,000; while petrol was ₦65; a 50kg bag of rice was ₦12,000 and US$1 = ₦165. In 2019: New National Minimum Wage became N30,000 monthly; petrol was ₦145; a 50kg bag of rice was ₦19,500 and US$1 = ₦305. 2024: Ongoing discussions about a New Minimum wage; Petrol is ₦720 (officially ₦620) and a 50kg bag of rice is ₦85,000 and US$1 = ₦1,480. The minimum wage of 1981 (₦125) was roughly US$208. At today’s exchange rate of US$1 = ₦1,480, that ₦125 is equivalent to ₦307,840. So, the Minimum Wage in 1981 was over 10 times bigger than the current minimum wage of ₦30,000 which is the equivalent of about US$20. The Nigerian worker has to eat, drink, have shelter, clothe self, transport self, settle bills/subscribe for services (DSTV, MTN, etc), access healthcare, provide for dependants (feeding, shelter, clothing, school fees, healthcare, etc.). The Nigerian political officer (elected or appointed) takes life for granted because he scoops from the state treasury like from his domestic soup pot. What can be a Nigerian worker’s reasonable and sustainable minimum living wage, given Nigeria's economic situation today? Copied from a platform  “FEEDBACK: Esteemed Readers, allcitynews.ng wants to hear from you: by ADVERT Placement; for EVENT Coverage; Have story to PUBLISH; HAVE Breaking story with pictorial evidence OR wants to assist allcitynews.ng by DONATIONS, kindly contact us via ojezand@yahoo.com. Thank you. Allcitynews.ng’s goal: To interface between policy makers & general public, be most influential, informative and reliable issues-based online newspaper, working for unity, peace and development of the Country. Disclaimer: Comments expressed here do not in anyway reflect the opinions of allcitynews.ng or any employee thereof. It assumes no responsibility or liability for any errors or omissions in the comments.