The minimum wage in my country is currently #70,000, but the dark reality is that many Nigerians are being paid below the minimum wage, especially those working in private institutions, and the saddest reality is that with the current inflation in Nigeria, #70, 000 can't be enough for monthly expenses. In a country where transportation is on the rise daily, fuel is on the increase daily, the cost of feeding is expensive and many more daily expenses needed for survival are highly expensive.
The implementation of the minimal wage in my country is just a joke to private employers, mostly a disadvantage to the employees, because most companies also lay out staff to be able to increase pay and also overwork the staff left.
Nigeria has an unstable economy, the inflation is terrific, and it affects the price of everything in the country. It affects businesses daily.
One could go to the market today and the price of a goods they purchased days ago would be higher than it was just a few days ago. The price could double or triple, and this is affecting those who earn below and above the minimum wage in my country.
In reality, #70, 000 can't feed a person in one month in Nigeria, for those who have extra mouths to feed, they wouldn't be able to survive with that amount.
They wouldn't be able to save from such an amount.
The cost of living increases incessantly and doesn't fit the current minimal wage in my country.
I keep wondering how people who earn survive with the minimum wage in my country, even those who earn above minimal wage still find it difficult. It's not easy to survive with such earnings and if it's doubled up it will be a relief at first, but doesn't guarantee financial stability.
When the minimum wage was increased from 33,000 to the current price, most people were excited and relieved, but inflation also affected daily and #70,000 lost its value and people couldn't afford much from it.
If it's doubled up and the inflation of prices in the country minimized, that will relieve the citizens, because they don't have to spend too much on transportation, feeding, fuel and many other expenses. Doubling the price isn't sufficient to provide comfort, but will be a relief to the citizens.
If the minimum wage was tripled in my country today, that would be good and beneficial to citizens, especially if inflation reduces and citizens don't have to buy things higher.
If the minimum wage is tripled, this would give them room to have a better standard of living amongst them, create an opportunity for them to save little. But in my country, I believe that if the minimum wage increases by this much, many citizens will be jobless or still underpaid by private companies.
To me, it's not about doubling or tripling to minimal wages in my country, it's about reducing inflation to enable citizens save and be comfortable with the extra cash.
To put a stop to economic hardship in Nigeria, the government needs to work on the price of fuel and other resources which are used daily and constantly lead to an increase in prices before increasing minimal wages, because if the cost of living keeps increasing by the day, it's impossible to be rich and comfortable earning minimal wage in Nigeria.
A country where there's always an increment in cost of living and survival cannot generate rich citizens from minimal wages, because the minimal wage will only be used for survival.