Nigerians are poorer with the new minimum wage increase

April 24, 2019 by  
Filed under Nigeria Stock Exchange

The Naira currency has devalued when compared to Dollars. As a result, Nigeria middle class and lower class people continue to struggle to survive.

The new minimum wage is N 30,000 Naira. President Buhari signed a bill into law to increase the minimum wage to N 30,000 but it didn’t change anything for the poor people.

The minimum wage was N18,000 Naira a few years ago and people are better off at the time with N18,000 Naira than they are now with the N30,000 increase because the economy was better than it is right now.

The rising cost of groceries, living conditions, healthcare, and transportation will continue to suppress the poor in Nigeria. Until the economic conditions improve, an increase in minimum wage will have no positive result on the financial condition of many Nigerians.

New finding about the recent increase of Nigeria minimum wage.

https://www.instagram.com/p/BwlhR8KDAnE/

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