The minimum wage in Nigeria is a topic of national concern. As in, there are just so many things happening right now in the country that it’s basically impossible for the common man to use the minimum wage to do anything meaningful. And this is something I’m talking about even before this current crisis that the country is going through.
When I think about the minimum wage system all over the world, it’s not designed in a way that would facilitate a regular person to become comfortable or financially free. Instead, it’s set up so that you will always be in debt, you’ll always need money, and as a result, always have to work. Because when everyone is financially free, no one will be willing to stress themselves for salaries anymore. That’s the issue.
And for that reason, the minimum wage will only be something that will be good enough to stave off hunger, but bad enough that you can never get rich off of it. It’s painful when you think about it, but it is what it is.
In Nigeria, the minimum wage is 77k, which at the moment is just heartbreaking. What exactly can that amount get someone? For some people, that money is less than what they spend on petrol alone in a month. For others, that won’t cover half of what they eat. And yet, people are supposed to take it at the end of the month and be happy with it. It’s just so crazy!
So then, should it be increased? If the minimum wage gets doubled, that would be a measly 154k, which is still small. A family of four can’t survive on that, especially when the children have to go to school and pay fees. If it gets tripled, then we have 234k, which is still poor. Yeah, it’s better than what some are earning, but it still won’t cover even a fraction of what people have to pay for rent. That’s how terrible it is.
If the wage should be increased to the point where people will be financially comfortable, they should multiply it by ten. If everyone collects at least 777k at the end of every month, it would be really great, there will be enough money for whatever demands life throws your way. The only downside of this is that with so much money in circulation, inflation will go up. So, even if we’d be earning more, we’d also be spending more.
Wo, the truth is that we won’t ever get rich from minimum wage, no one ever will. Even if you choose to save every single penny of it, it still won’t be enough because the value of money drops every single day. Minimum wages are an important part of the economy, which is why only the government bodies are allowed to regulate them. Hopefully, with time, the economy will get better so that our purchasing power will increase exponentially.
But until that happy day, let’s just keep using this 77k to guide. God help us.
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