‘Grossly inadequate’, Osun residents reject N70,000 Minimum wage

Some residents of Osun say the new minimum wage of N70,000 approved by President Bola Tinubu is grossly inadequate and unsustainable to meet the present economic realities in the country. The News Agency of Nigeria (NAN) reports that Tinubu in a meeting with organised labour on Thursday in Abuja, approved N70,000 as the new national […]

Some residents of Osun say the new minimum wage of N70,000 approved by President Bola Tinubu is grossly inadequate and unsustainable to meet the present economic realities in the country.

The News Agency of Nigeria (NAN) reports that Tinubu in a meeting with organised labour on Thursday in Abuja, approved N70,000 as the new national minimum wage.

In an interview with NAN on Thursday in Osogbo, the residents called on the president to reconsider the wage amount before sending it to the National Assembly for passage into law.

The stakeholders said Nigerians expected a figure higher than N70, 000 in line with economic realities in the country.

Why we accepted N70,000 Minimum Wage – Labour leaders

Tinubu approves N70,000 Minimum Wage

The Executive Director, Democracy Vanguards, a Civil Society Organisation, Mr Emmanuel Olowu, said Tinubu did not consider the present economic indices before deciding on the figure.

Olowu, who said that most Nigerians expected a figure higher than N250,000, expressed concern over the financial implications of the new national minimum wage of N70, 000 on the masses.

“The three years review of the wage as proposed by the president is a welcome idea but what we need is a figure that aligns with the present market realities,” he said.

Also speaking, the state Coordinator, Federation of Informal Workers Organisation of Nigeria (FIWON), Mr Ibrahim Olayinka, said Nigerians should brace up for the implications of the new minimum wage.

Olayinka said the market values of food commodities have escalated making the less privilege unable to meet their daily needs.

“I want the Senate to reconsider the figure and do the needful instead of making Nigerians pass through less tough moments.

“The figure is not impressive and I am so saddened about what lies ahead of us as a country,” Olayinka said.

Mr Ayo Ologun, spokesperson for Transparency Accountability International, said the figure did not fulfill the aspirations of labour unions.

According to him, whether it will scale through or not depends on the labour union’s decision.

“I want to say that it is not in tandem with present economic realities and living standard,” he said.

However, Ologun described the decision of the House of Representatives to slash their salary by 50 per cent over the next six months as a welcome development.

He said it showed that members of they were listening to the agitation of the people.

Ologun urged the lawmakers to go extra mile to show empathy by ensuring that unnecessary expenditures were not executed. (NAN)