Trump Slams Tinubu, Says ₦70,000 Approved Minimum Wage Won’t Lift Nigerians Out of Poverty!

The United States government has expressed concern over the sustainability of Nigeria’s recently approved national minimum wage of ₦70,000.

Washington warned that the new benchmark is insufficient to lift citizens out of poverty amid Nigeria’s worsening economic conditions.

This was contained in its 2024 Country Reports on Human Rights Practices, released on Tuesday, August 12. At the current exchange rate of over ₦1,500 to the dollar, the ₦70,000 wage is valued at roughly $47.90 per month.

The report highlighted that weak enforcement, limited coverage, and a depreciating naira undermine the effectiveness of the 2024 minimum wage law. It noted that millions of informal sector workers remained vulnerable, while ongoing economic reforms further increased inflation and the cost of living. 

The U.S. government’s assessment underscores the challenges faced by Nigeria in addressing poverty and improving the livelihoods of its citizens.

The debate over the adequacy of the ₦70,000 minimum wage continues to be a topic of discussion among policymakers and the public.