Former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has said the approval of ₦70,000 as monthly minimum wage is good.
Kingsley Moghalu said the decision of President Bola Tinubu to reduce the duration of review for minimum wage from five years to three years was a good decision.
Moghalu, on his X handle, on Thursday, called for a downward review of the salaries and allowances of National Assembly members.
“Good thing that President Bola Tinubu has approved a ₦70,000 minimum wage with a promise to review every 3 years.
As I had argued in past months, ₦70k was the barest minimum and not beyond ₦100k, bearing economic realities in the private sector in mind.
Next, can we review the maximum wages and lifestyles of the political class, especially NASS members? he said.
Moghalu had on June 3, said the economic reality of Nigeria would not permit the federal government to agree to the ₦250,000 minimum wage proposed by organized labour.
He further blamed the government’s financial mismanagement. He advised the government to pay between ₦75,000 to ₦100,000.
“It is truly a shame that Nigeria appears unable to afford a minimum wage of ₦75,000 to ₦100,000 a month given the rate of inflation and exchange rate. This is because our government spends billions on all the wrong things.
A minimum wage is something to be paid by both public and private sector employers. Given the state of Nigeria’s economy and its low productivity at this time, we must achieve balance between what is practically possible for both sectors, It ought to be ₦75k to ₦100k,” he wrote.
