A governorship aspirant in the just concluded governorship primary of the All Progressives Congress (APC) in Ondo State, Hon. Olugbenga Edema has submitted that the minimum wage for workers should be raised to no less than N250,000 per month, calculated at the rate of N1,250 to a dollar.
Former Chairman of the Ondo State Oil Producing Area Development Commission (OSOPADEC), Hon. Edema, who conveyed his message while extending his greetings to workers, especially those in the state, on the occasion of this year’s May Day celebration urged workers not to settle for N70,000 minimum wage.
Edema, who commended the workers for their hard work and dedication, emphasised the need for a substantial increase in the minimum wage to improve the standard of living of the workers.
He maintained that a higher minimum wage must resonate with workers who strive tirelessly to contribute to the growth and prosperity of the state and the country which he said will ensure their financial stability in the face of daunting economic challenges.
The lawyer and former lawmaker stressed that the minimum wage for workers should be raised to no less than N250,000 per month, calculated at the rate of N1,250 to a dollar.
He argued that such an increase is necessary to align with the economic realities faced by workers in the country and to provide them with a decent standard of living.
“On this auspicious occasion of May Day, I must recognise the invaluable contributions of our workforce to the growth and development of our dear state and the country.
“It is crucial that we ensure their welfare by setting a minimum wage that reflects the current economic conditions.
“In 1981, the Nigerian working class achieved a monthly minimum wage of N125. At the prevailing exchange rate of N61/$1, this amount corresponded to $204.92 per month.
“By 2011, the monthly minimum wage was raised to N18,000, which was equivalent to $113.92 at the prevailing exchange rate of N158 to $1.
“In April 2019, the monthly minimum wage was further increased to N30,000, or $98.36 at the prevailing exchange rate of N305 to $1.
“As of today, the minimum wage remains at N30,000, translating to $19.96 at the prevailing exchange rate of N1503 to $1. The demand for a new minimum wage by Nigerian workers is now at its peak and must urgently be honoured.
“No worker should have to make do with a meagre N70,000 when the cost of living continues to rise.”
“I firmly believe that the minimum wage should not be less than N250,000 per month, calculated at the rate of N1,250 to a dollar.
“It is imperative that we prioritise the well-being of our workers and provide them with a wage that enables them to meet their basic needs and live comfortably,” Edema stated.
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