Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), stated that if the nation has a thriving output sector, the Nigerian government can impose a minimum wage of N500,000.

However, Moghalu claimed that because there is no productive economy, the government can only afford to pay a new minimum wage of between N75,000 and N100,000.

This occurs amid ongoing discussions on the necessity of raising the minimum wage between organised labour and the Nigerian government.

Minimum wage: NLC, TUC to suspend strike after grounding economy

Following a fruitful meeting with the Nigerian government regarding an increase in workers’ wages, labour called off its countrywide strike.

While organised labour wanted N494,000, the Nigerian government offered N60,000 with room for increase. However, as talks carry on, a compromise appears to have been achieved.

President Bola Tinubu gave Finance Minister Wale Edun 48 hours to determine the financial effects of the increased minimum wage once the agreement was struck.

However, the former deputy governor of CBN stated that Nigerian production could only support a minimum salary of N75,000 to N100,000.

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