The new agreed minimum wage approved for the Nigerian workers by President Bola Tinubu and organised labour has the least purchasing power in all minimum wages from 1999.
After months of negotiations, N70,000 has been fixed as the new minimum wage that the lowest worker in a formal establishment will earn as monthly take home.
However, WikkiTimes analysis indicates that, although the figure appears high, the purchasing power of the amount has plummeted compared to previously paid minimum wages in Nigeria.
StatiSense, a database hub, chronicles the minimum wages in Nigeria and number of litres of fuel buyable with the amount with N3,000 in 1999; N7,500 in 2000; N18,000 in 2011; ₦30, 000 in 2019 and ₦70, 000 in 2024.
While the 2024 figure appears higher, it however, can purchase only 93 litres of fuel at the cost to ₦752 per litre which is higher in many places especially in the far northern states.
WikkiTimes analysis of the data showed that the minimum wage of ₦3000 paid in 1999 was equivalent to the monetary value of 150 litres of fuel with N20 as price per litre.
After upward review of the workers’ pay in 2000, the then minimum wage of N7,500 was capable of paying for 341 litres of petroleum products at the cost of ₦22 per litre.
In the same vein, in 2011, the salary, at the minimum, was jacked up to ₦18,000 which was able to defray for 277 litres of fuel at the cost of N65 for a litre.
In 2019, the value of minimum wage, which was ₦30, 000, decreased in its fuel-purchasing power as it was capable of settling for 206 litres of PMS at the rate of ₦ 145 per litre.
Highest in Value
The analysis shows that the minimum wage approved in 2000 remains the most valuable to the workers as per its purchasing power.
This period concided with the return to democracy and reforms by the then President Olusegun Obasanjo who ruled Nigeria from 1999-2007.
Nigeria recorded impressive economic growth of 5.5% around the period which drastically increased the standard of living for workers and ordinary citizens.
WikkiTimes check on some fueling stations showed that as at this weekend, a litre of petrol is sold at N620 at NNPC Mega stations while others such as AYM Shafa and Kitabu Wa Sunnah Filling station sells at N760 and N800 respectively.