The Fort Worth Press - Nigerian president to hike minimum wage as living costs rise

USD -
AED 3.672996
AFN 64.000203
ALL 81.503082
AMD 360.339242
ANG 1.789785
AOA 917.999718
ARS 1538.472602
AUD 1.422071
AWG 1.8025
AZN 1.70055
BAM 1.755348
BBD 2.014118
BDT 124.150744
BGN 1.747831
BHD 0.37735
BIF 3000
BMD 1
BND 1.281553
BOB 11.995315
BRL 5.381698
BSD 1.000013
BTN 95.207367
BWP 13.822349
BYN 2.947868
BYR 19600
BZD 2.01121
CAD 1.39895
CDF 2314.999814
CHF 0.82431
CLF 0.025036
CLP 988.550092
CNY 6.661099
CNH 6.657305
COP 3176.39
CRC 454.76167
CUC 1
CUP 24.000287
CVE 99.196993
CZK 21.786698
DJF 177.719723
DKK 6.687903
DOP 60.649996
DZD 135.308026
EGP 55.992698
ERN 15
ETB 161.150286
EUR 0.894875
FJD 2.24125
FKP 0.751792
GBP 0.74765
GEL 2.600643
GGP 0.751792
GHS 11.649827
GIP 0.751792
GMD 74.000021
GNF 8799.999878
GTQ 7.645879
GYD 209.614159
HKD 7.84604
HNL 26.999495
HRK 6.76901
HTG 131.054259
HUF 327.108499
IDR 18029
ILS 3.109045
IMP 0.751792
INR 95.19095
IQD 1514
IRR 1868414.999545
ISK 121.570284
JEP 0.751792
JMD 158.760361
JOD 0.708967
JPY 157.666987
KES 129.94007
KGS 87.447981
KHR 4072.999462
KMF 441.000028
KPW 899.999961
KRW 1339.770342
KWD 0.31088
KYD 0.833326
KZT 453.3167
LAK 22535.000173
LBP 89549.999817
LKR 332.450795
LRD 170.449736
LSL 16.630371
LTL 2.95274
LVL 0.60489
LYD 6.424988
MAD 9.833503
MDL 18.045072
MGA 4594.999955
MKD 55.267858
MMK 2099.638249
MNT 3597.631144
MOP 8.082337
MRU 40.240186
MUR 47.480085
MVR 15.450011
MWK 1735.999861
MXN 18.85025
MYR 4.060801
MZN 63.909833
NAD 16.630055
NGN 1346.930219
NIO 36.809759
NOK 9.24687
NPR 152.332146
NZD 1.774969
OMR 0.384424
PAB 1.000013
PEN 3.459639
PGK 4.49025
PHP 63.6925
PKR 276.547226
PLN 3.927135
PYG 5858.938516
QAR 3.645503
RON 4.775102
RSD 105.15992
RUB 81.244832
RWF 1475
SAR 3.7541
SBD 8.058206
SCR 13.86453
SDG 601.505074
SEK 9.85014
SGD 1.28033
SHP 0.748335
SLE 22.89947
SLL 20969.504398
SOS 571.499774
SRD 37.644499
STD 20697.981008
STN 22.3
SVC 8.749697
SYP 13001.999685
SZL 16.630286
THB 33.750089
TJS 9.190174
TMT 3.5
TND 3.020704
TOP 2.40776
TRY 49.926903
TTD 6.779691
TWD 32.602801
TZS 2643.337982
UAH 45.55389
UGX 4360.137679
UYU 40.22581
UZS 11995.000044
VES 887.479801
VND 25814
VUV 119.133003
WST 2.76699
XAF 586.99952
XAG 0.019169
XAU 0.000248663434
XCD 2.70255
XCG 1.802288
XDR 0.707052
XOF 586.99952
XPF 107.276319
YER 236.198816
ZAR 16.62299
ZMK 9001.199088
ZMW 20.200416
ZWL 321.999592
SSP 5745.303054
MXV 2.125069
  • RIO

    -0.3300

    97.04

    -0.34%

  • CMSC

    -0.0400

    20.67

    -0.19%

  • RELX

    0.0000

    33.41

    0%

  • RBGPF

    0.0000

    67.95

    0%

  • BCE

    -0.0700

    21.99

    -0.32%

  • BCC

    -0.0300

    75.66

    -0.04%

  • GSK

    0.8600

    51.08

    +1.68%

  • JRI

    -0.0300

    11.52

    -0.26%

  • NGG

    -0.1200

    76.68

    -0.16%

  • CMSD

    0.0900

    20.54

    +0.44%

  • BTI

    -0.0800

    55.75

    -0.14%

  • AZN

    2.0200

    168.1

    +1.2%

  • BP

    -1.4200

    43.16

    -3.29%

  • RYCEF

    0.4600

    19.7

    +2.34%

  • VOD

    0.0700

    17.02

    +0.41%

Nigerian president to hike minimum wage as living costs rise
Nigerian president to hike minimum wage as living costs rise / Photo: © AFP

Nigerian president to hike minimum wage as living costs rise

Nigeria's President Bola Ahmed Tinubu agreed on Thursday to more than double the monthly minimum wage to 70,000 naira ($43) as the country struggles with a severe cost of living crisis.

Text size:

The new wage level applies to federal workers, from civil servants to airport staff and public teachers -- but the increase from 30,000 naira was far less than that previously demanded by labour unions.

"President Bola Tinubu has approved N70,000 minimum wage for Nigerian workers with promise to review the national minimum wage law every three years," the president's media adviser Bayo Onanuga wrote on X on Thursday.

Onanuga said the president had announced the decision at a meeting with union leaders in Abuja.

Since coming to office a year ago, Tinubu has ended a costly fuel subsidy and complex currency controls, leading to a tripling of petrol prices and a spike in living costs as the naira has slid against the dollar.

Africa's most populous nation has seen a series of labour strikes in recent months as unions pushed for an increase in the wage.

During the protests union workers shut down the national grid, stalled domestic flights and closed federal offices, ports, petrol stations and courts.

At the time of the nationwide strike last month, unions had been demanding a minimum monthly wage of 494,000 naira.

- Record inflation -

Joe Ajaero, the leader of Nigeria's main labour union the NLC, told journalists on Thursday he had mixed feelings because of the economy.

"We have to move ahead despite the situation, and the negotiation can't linger... coming from 62,000 naira to 70,000," he added, welcoming the chance to review the wage.

Workers in the capital Abuja told AFP the increase was not enough.

"It's unrealistic -- they should look at the cost of things," said Charles, a 53-year-old government administration worker.

"I'm worried I won't be able to feed my family," he said. "One bag of rice won't last more than four weeks and it costs me 86,000 naira. It's horrible."

Tinubu has repeatedly called for patience to allow the reforms to take effect, saying they will help attract foreign investment and better the economy.

But the measures have hit Nigerians hard and the country is battling its worst cost of living crisis in a generation.

Inflation hit record levels at 34.19 percent in June, with food inflation more than 40.87 percent, according to the national bureau of statistics.

Many poor Nigerians have had to skip meals and give up products such as meat, eggs and milk, while in the north the economic crisis has forced people to eat poor-grade rice usually used as fish food.

P.McDonald--TFWP