When President Bola Tinubu signed the ₦70,000 minimum wage into law in July 2024, many Nigerians thought relief was finally coming.
But less than a year later, the reality is brutal: the money is worthless.
According to a US State Department report, the new wage has been gutted by naira devaluation and runaway inflation. At current rates, ₦70,000 barely feeds a family of four for two weeks. Worse still, millions aren’t even covered — some states haven’t implemented it, and small employers aren’t compelled to.
The report bluntly says the new minimum wage sits below the poverty line.
Tinubu promised to review the figure every three years. For workers crushed by food prices, transport costs and rising rent, three years feels like a lifetime.
The pay has changed on paper, but on the streets, survival still costs more than ₦70,000.
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