Senator Adams Oshiomhole, representing Edo North, has expressed support for increasing the minimum wage in Nigeria. In an interview on Channels Television's Politics Today, he stated that the current minimum wage of N30,000 is outdated and insufficient to meet the rising cost of living.
According to Oshiomhole, there is a consensus among employers, including the Federal Government and state governments, that the minimum wage needs to be increased significantly. He highlighted the drastic drop in the purchasing power of workers across all levels and emphasized the need to adjust wages to reflect the current economic realities.
He noted that in some countries, wages are indexed to inflation rates, and he believes that wages in Nigeria should also be increased proportionally to the rising cost of living. Oshiomhole commended the Federal Government for assuring workers that a new minimum wage will take effect from May 1, 2024.
The current Minimum Wage Act of N30,000 was signed into law by former President Muhammadu Buhari in 2019. The Minister of State Labour, Nkeiruka Onyejeocha, recently assured Nigerian workers that efforts are ongoing to finalize the new minimum wage document, although it is regrettable that it was not ready before May 1.
