The former CEO of the National Bureau of Statistics, Yemi Kale said that the current minimum wage of N30k has been devalued to N17k.
Kale gave the analysis via his verified Twitter handle on Monday, @sgyemikale using an infographic indicating the minimum wage around the world.
The infographic displayed the minimum wage as it varies across 67 countries as of January 2023, stating that Australia has the second highest minimum wage in the world, falling just shy of Luxembourg.
He stated that the Consumer Price Index (CPI), has increased by about 80% compared to April 2109, when the last minimum wage was pegged at N30k
“Wonder how long before minimum wage arguments resurface. Between Apr 2019 when last min wage was set at N30k & now, CPI (Consumer Price Index) has increased by about 80%.”
According to him, the cumulative MOM inflation about 60% & average headline inflation is about 15% so that N30k has a purchasing power today of about N17k.