Nigerian Workers' Purchasing Power Plummets as Inflation Soars and Government Revenue Drops
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Nigerian workers' purchasing power has diminished as inflation has risen and government revenue has decreased. A worker's salary in naira is worth far less now compared to 8 years ago.
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Inflation in Nigeria is at a nearly 2-decade high of 26% as the naira continues to lose value against the dollar. The removal of fuel subsidies has also raised costs.
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Workers unions have threatened to shut down the economy to protest stagnant wages despite skyrocketing living costs. The government compromised with a small temporary wage increase.
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Experts say Nigeria's struggling economy cannot support significant wage increases. The government is spending over 70% of revenue just to service debts.
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Workers feel trapped between low wages and high inflation. They want livable wages, not just minimum wage increases, to cope with the rising cost of living.