OFFCUT: Nigerians demand inflation control over minimum wage increment

As inflation continues to rise, Nigerians have expressed a strong preference for policies that control price levels rather than simply increasing the minimum wage. 

Recall that Nigeria’s inflation rate surged to 33.95 percent in May 2024, up from 33.69 percent in April 2024, according to the latest Consumer Price Index (CPI) report released on Saturday by the National Bureau of Statistics (NBS).

In response to a post made by Tribune Online across all social media platforms, citizens argue that without addressing inflation, any increase in wages may be offset by the rising cost of living, leaving their purchasing power effectively unchanged.

Reacting on Facebook, hotnews.ng opined, “Fall inflation especially fuel price ND dollar I prefer NLC to negotiate on fixed price of commodity rather than increments in salary.”

ALSO READ: Increase in minimum wage

Another Facebook user, Patience Chimgozirim Ngwu wrote, “Returning  price of fuel to #80, bringing down the price of food and all essential commodities. Reduction of electricity tariff. These will suffice.”

Choosing a decrease in inflation over an increment in the minimum wage, Adedoyin Esther opined, “I prefer a fall in inflation, which means deflation that would help the whole nation better. Only greedy staff would be asking for salary increments, which leads to hyperinflation and makes our currency valueless.”

On X, formerly known as Twitter,  @AdeyanjuAkolade emphasized, “Commodities’ fall in prices in the markets is better than a minimum wage increase. If the government can initiate price control over commodities, that’s the only way inflation could be fought in Nigeria.”

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Another X user@ayodejiidowu concurred, tweeting, “A fall in inflation would be better.”

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@OKHAMIOGUEPAUL tweeted, “Fall in inflation would be a better option if the risen prices can actually drop.”

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@sanda75 added, “Minimum wage is not going to add anything to you if inflation is on the higher side. A fall in inflation makes you a king with the little amount you have.”

 

https://platform.twitter.com/widgets.jsClamoring for inflation control, @BUKATEE4617191 opined, “Getting the economic realities right is sancrosant. Hence , I go for a fall in inflation because if the purchasing power of our country’s currency remains strong then whatever minimum wage can be sustainable.”

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@AkubeP also chose a fall in inflation over a minimum wage increment, stating, “An increase in minimum wage will cause more inflation. A fall in inflation is better.”

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