Economists, Political Analysts Disappointed with ₦70,000 Minimum Wage Approval

Following President Bola Ahmed Tinubu’s approval of ₦70,000 as the national minimum wage, economists and political analysts have expressed their disappointment.

According to the News Agency of Nigeria (NAN), experts who spoke separately on Friday in Ebonyi State described the amount as inadequate given the current economic realities in the country.

Collins Anike, an economist, stated that the president’s approval would not meet the demands of workers and the public, despite commending the decision to review the minimum wage every three years.

“I commend his promise to review the national minimum wage law every three years, but he should have considered what was already discussed to meet the needs of the people,” Anike said.

Meanwhile, political analyst Titus Eze appealed to the federal government to review critical sectors of the economy to address inflation, energy tariffs, and food security.

“There is a need to revisit the hike in energy tariffs, petrol pump prices, and inflation, which are really troubling the masses,” Eze said.

In an interview with NAN, petty trader Regina Agbo raised concerns over the electricity tariff hike, saying it was affecting their businesses.

“The cost of production and rising prices of goods has caused difficulties in the system,” Agbo said.