N500,000 minimum wage demand unrealistic now, says economist
An economist, Paul Alaje, has described Nigerian workers’ demand for a N500,000 minimum wage as unrealistic under current economic conditions, warning that such an increase could trigger further inflation.
N500,000 wage demand Mr Alaje said raising the minimum wage to N500,000 immediately could worsen inflation by increasing the amount of money circulating in the economy without a corresponding increase in production.
Since then, the sharp increase in the cost of petrol and other essential goods has intensified the debate over whether the current minimum wage is sufficient to meet workers’ basic needs.
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