I don’t think increasing workers’ wages will do much more than making more money available thereby increasing inflation. I believe that it will be best for President Tinubu to work toward price stability than wages increase
Will the minimum wage review suggested by President Bola Tinubu address the economic mishap occasioned by his decision to subsidy in petrol?
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I don't think an increase in workers' wages is a smart response to addressing the surge in the price of petrol leading to economic threats in Nigeria. If inflation is caused by so much money in circulation, it simply means that with the influx of cash into the system through an increase in wages, thRead more
I don’t think an increase in workers’ wages is a smart response to addressing the surge in the price of petrol leading to economic threats in Nigeria. If inflation is caused by so much money in circulation, it simply means that with the influx of cash into the system through an increase in wages, there’s bound to be an increase in the inflation rate. It’s a good suggestion for the Tinubu administration to tackle the price of petrol or better said, stabilize it. Should there be a fixed price by the government, it won’t be easy for marketers to set prices that will be detrimental to the economy.
See lessYes, price stability is one way to it. There could be other routes that can be followed.
Yes, price stability is one way to it. There could be other routes that can be followed.
See lessIncreasing the minimum wage may provide some relief to workers in Nigeria, but it is unlikely to fully solve the hardship caused by the removal of fuel subsidy. The removal of fuel subsidy has led to an increase in the cost of goods and services, including transportation and food. This has resultedRead more
Increasing the minimum wage may provide some relief to workers in Nigeria, but it is unlikely to fully solve the hardship caused by the removal of fuel subsidy. The removal of fuel subsidy has led to an increase in the cost of goods and services, including transportation and food. This has resulted in higher prices for consumers, which can be particularly challenging for low-income earners.
While increasing the minimum wage can help to increase the purchasing power of workers and reduce poverty, it may not be enough to fully address the challenges caused by the removal of fuel subsidy. Other measures, such as improving the efficiency and transparency of government spending, investing in infrastructure, and promoting economic growth, may also be needed to address the underlying causes of Nigeria’s economic challenges.
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