More startling details have continued to emerge from new national minimum wage recently signed into law by President Muhammadu Buhari.
Recall that the preliminary observation on the dollar equivalent of former minimum wage of N18,000 was $117 in 2010 and the recently approved minimum wage of N30,000 is equivalent of $83, meaning that in real sense, the value of Nigerian workers’ minimum wage as signed into law is lower in value.
The lower value of the new minimum wage as approved is further demonstrated in a new calculation showing the abysmal value of package after all.
For example, price of fuel was N87 in 2010 and minimum wage was 18,000 naira. Now if you divide N18,000 by pump price in 2010 at N87, it will give you 206.8965517 litres; which means that minimum wage in 2010 can only buy you 207 litres of fuel (N18,000÷87=206.8965517 litres).
Now the minimum wage has become N30,000 and pump price is N145 per litre. If you apply the same calculation, it will give you exactly the same number of litres bought with 2010 minimum wage which translates to movement without motion (30,000÷145= 206.8965517 litres”.
