A new report by the United States government has revealed that President Bola Tinubu’s ₦70,000 minimum wage has been rendered ineffective due to the sharp fall of the naira and rising inflation.
The U.S. State Department, in its 2024 Country Reports on Human Rights Practices, stated that while the National Minimum Wage (Amendment) Act doubled the wage floor to ₦70,000, the devaluation of the naira erased the real benefits of the increase, leaving many workers unable to meet basic needs.
According to the report, the revised minimum wage, which amounts to less than $50 monthly, remains far below subsistence level in a struggling economy. It further noted that many state governments are yet to implement the new pay, meaning a large portion of Nigerian workers have not even started receiving the promised amount.
The U.S. assessment adds weight to mounting criticisms of Tinubu’s economic reforms, which have triggered a steep currency decline and worsened living conditions. Analysts have argued that a realistic minimum wage in today’s Nigeria should be at least ₦150,000 to cushion the effects of inflation and exchange rate volatility.
