Highlight

Soludo cautions Pres. Tinubu against unsustainable minimum wage

Persecondnews recalls that in his Democracy Day address on Wednesday, Tinubu assured Labour that an executive bill on the new national minimum wage will soon be sent to the National Assembly for passage.

534

The Anambra State Governor, Prof. Chukwuma Soludo, has cautioned President Bola Tinubu against implementing a minimum wage that may be economically unsustainable for the country.

Soludo spoke on the complexities of the minimum wage issue and its economic repercussions at “The Platform,” a special event organized by The Covenant Nation to promote national development and growth.

The former CBN Governor warned that the proposed ₦62,000 minimum wage by the Federal Government and the ₦250,000 demand by organized labor may be unaffordable for some state governments and private sector employers.

He said implementing an “unsustainable wage” poses significant risks, including job losses and compounded economic challenges.

Persecondnews recalls that in his Democracy Day address on Wednesday, Tinubu assured Labour that an executive bill on the new national minimum wage will soon be sent to the National Assembly for passage.

Soludo said: “If you share it to all Nigerians, it comes to ₦6,160 per person, per month, per capita. If you take even the total ₦28. 7 trillion (budget) and share, it will come down to ₦10,000 per capita.”

He pointed out that the private sector, which employs a significant majority of the country’s workforce, cannot universally afford the proposed ₦62,000 minimum wage, citing his discussions with nine entrepreneurs in his state who expressed their inability to pay the proposed amount.

“The minimum wage thing—everybody is right. The worker is right to say, ‘What am I getting?’ Nobody is asking what a worker does. We are not asking that question yet. All we are saying is, ‘How much does he need?’ He (the worker) is right, and for me, even if we pay N1 million, it’s not enough.

“But on the other hand, you have to come back to reality, talking about these MSMEs, the schools, churches, so on and so forth. You will have to pay your own driver.

“We are all in it. Whatever they agree, we will muddle through, but maybe after one year, we will need to meet to discuss the consequences.

“I pity the President because it will all be on his head if the consequences come down, whatever it is, if whatever is negotiated is unsustainable, payable, or whatever. Months to come, who will bear the responsibility? Not me.”

Leave a comment

Related Articles

Maddison Strikes as Tottenham Edge Amorim’s United 1-0

By Samuel Akpan with agency report Tottenham Hotspur responded to their recent...

Enugu Rangers Edge Remo Stars 2-1 in Thrilling NPFL Clash

Rangers International secured a hard-fought 2-1 victory over Remo Stars in a...

Just in: US Embassy, Lagos Consulate to close Monday for Presidents’ Day

The United States Embassy in Abuja and the Consulate General in Lagos...

Lagos fake drug bust: NAFDAC seizes 12 truckloads, shuts down 3,000 shops

NAFDAC has recorded another huge success in its first week of operations,...

NDLEA uncovers, seizes stash of illicit drugs concealed in bus under belly compartment

In its relentless drug war, the National Drug Law Enforcement Agency (NDLEA)...

Again, PDP Loses Key Members as Senators Sani, Laah, Hunkuyi, and Ex-Gov. Yero, Others Join APC

Some People’s Democratic Party (PDP) bigwigs including Senator Shehu Sani, former Kaduna...

Exclusive: CCLCA, CASER, Lawyers Endorse Mandatory Third Party Motor Insurance, Cab Drivers Kick

Mixed reactions have continued to trail the directive of the Police Inspector...

Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the...

NNPCL Dismisses Social Media Video Alleging Dispensing Poor Fuel Quality

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a strong...

Kenyan Runner Edwin Koech Wins 2025 Access Bank Lagos City Marathon, Carts Home $50,000

Kenya’s Edwin Kibet Koech has emerged victorious in the men’s division of...

Another Rep rejects allegation of $150m bribe from Binance Executive Gambaryan

Rep. Ginger Onwusibe, the Chairman of the House of Representatives Committee on...

Lagos Assembly crisis: Obasa heads to court, challenges removal as Speaker

Mudashiru Obasa, the impeached Speaker of the Lagos State House of Assembly,...

FG Dismisses Binance Executive Tigran Gambaryan’s Allegations

The Federal Government has officially denied allegations made by Tigran Gambaryan, a...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...

African Union Launches Landmark Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience...

UNIZIK expels student for assaulting lecturer

For allegedly assaulting a lecturer, authorities of the Nnamdi Azikiwe University (UniZik),...

Military chiefs’ visa denial: Canada declines comment, cites privacy concerns

The Canadian High Commission in Nigeria has acknowledged media reports concerning the...

FG approves 150 medical personnel for correctional centres nationwide

In a bid to boost healthcare delivery in Nigeria’s correctional centres, the...

Ex-Abia Attorney General, Ihediwa, Regains SAN Title After 7-Month LPPC’s Suspension

Seven months after his Senior Advocate of Nigeria (SAN) was withdrawn, the...

2Baba’s family petitions DSS over singer’s mysterious disappearance amid marital issues

…I’m not engaged to him, she fires back The ongoing marital crisis...