Reported by Weng Patrick Atokor l Journalist at Weng Global
Former Vice President Atiku Abubakar has renewed calls for an upward review of Nigeria’s N70,000 national minimum wage, arguing that the value of workers’ earnings has been weakened by inflation, currency depreciation and rising living costs.
The intervention places workers’ purchasing power at the centre of the continuing debate over Nigeria’s economic policies and the adequacy of the minimum wage introduced under President Bola Ahmed Tinubu.
Atiku, who is seeking the presidency under the African Democratic Congress (ADC) ahead of the 2027 general election, has repeatedly criticised the Tinubu administration over the cost of living and the effect of its economic reforms on Nigerian households.
In a recent discussion of Nigeria’s federal revenue distribution, Atiku argued that higher nominal government revenues had not necessarily translated into stronger purchasing power for ordinary Nigerians.
He used the minimum wage as an example, saying the N70,000 wage is worth considerably less in foreign-currency terms than the previous N30,000 wage was several years ago.
From N30,000 to N70,000
Nigeria’s current national minimum wage was approved by President Tinubu in July 2024 after negotiations between the Federal Government and organised labour.
The legislation increased the minimum wage from N30,000 to N70,000 and reduced the statutory review period from five years to three years.
The change represented a significant nominal increase in workers’ statutory wage floor.
However, the debate has increasingly shifted from the size of the increase on paper to what the wage can actually buy.
Atiku has argued that currency depreciation and higher prices have eroded the purchasing power associated with the N70,000 figure.
In September 2026, he cited calculations comparing the dollar value of the N30,000 minimum wage in 2019 with the value of N70,000 at a later exchange rate. His argument was that a larger naira figure does not automatically mean workers have greater purchasing power.
The wider wage debate
The question of whether N70,000 remains adequate is not limited to Atiku.
In May 2026, Kwara State Governor and Nigeria Governors’ Forum Chairman AbdulRahman AbdulRazaq asked President Tinubu to consider increasing the national minimum wage to N100,000.
The governor argued that many states had improved their financial positions and that some were already paying wages approaching that level.
The Nigeria Labour Congress, however, subsequently argued that even N100,000 would be inadequate when measured against prevailing economic conditions.
NLC spokesperson Benson Upah cited factors including the depreciation of the naira, inflation, electricity costs and changes in taxation when discussing the limitations of a N100,000 wage proposal.
The disagreement illustrates the wider difficulty facing policymakers: increasing wages can provide workers with higher nominal incomes, but the benefit can be reduced if the prices of food, transport, housing, electricity and other essential services rise faster than earnings.
Atiku’s position
Atiku has made purchasing power a recurring part of his criticism of the Tinubu administration.
In another recent intervention, he argued that Nigerians were receiving larger naira figures without necessarily experiencing a corresponding improvement in their economic circumstances.
He pointed to the difference between nominal increases in government revenue and the real value of those revenues, arguing that the same problem affects household incomes.
His position is that wage policy should be considered alongside broader economic conditions rather than assessed only by the number printed on workers’ payslips.
The former vice president has also criticised the administration over petrol prices and the broader consequences of the removal of fuel subsidies, arguing that higher living costs have placed additional pressure on households earning the minimum wage.
These statements form part of Atiku’s wider political criticism of the Tinubu administration ahead of the 2027 election.
What the N70,000 wage means for workers
The minimum wage is a statutory wage floor rather than a guarantee that every Nigerian worker earns exactly N70,000.
Its practical impact also depends on implementation by employers and government institutions, as well as the structure of individual workers’ compensation.
The wage debate has therefore become closely connected to the broader question of whether salaries are keeping pace with the cost of essential goods and services.
Labour organisations have previously argued that rising transportation, electricity and food costs have reduced the real value of the current minimum wage. Punch reported in 2025 that organised labour figures described N70,000 as increasingly difficult for workers to live on amid rising household expenses.
At the same time, the Federal Government has defended its economic reforms, including the removal of petrol subsidies and the implementation of the new minimum wage.
President Tinubu signed the N70,000 minimum wage legislation into law in July 2024, with the law providing for periodic review.
The political dimension
Atiku’s latest position comes as Nigeria’s political parties and presidential contenders begin shaping their economic messages ahead of the 2027 elections.
For opposition politicians, wages and purchasing power provide a direct way of discussing the everyday impact of economic policy.
For the government and its supporters, the broader assessment also includes changes in public revenues, fiscal reforms, infrastructure spending and other economic measures introduced since 2023.
The debate therefore extends beyond the question of whether the minimum wage should rise.
It also involves questions about how any increase would be financed, whether states and businesses could sustain higher wage bills, how frequently wages should be reviewed, and what policies can prevent inflation from eroding future increases.
Why the debate matters
The minimum wage question matters because a wage increase can have effects beyond individual workers.
For households, higher income can provide additional capacity to pay for food, transportation, housing, education and healthcare.
For governments and businesses, however, a substantial wage increase can raise personnel costs. If not accompanied by productivity improvements or adequate financing, employers may face difficult choices involving prices, hiring, investment or operating costs.
There is also a wider macroeconomic question.
If wages increase while the supply of goods and services remains constrained, additional purchasing power can contribute to higher demand without a corresponding increase in production. Policymakers therefore have to consider wage policy alongside inflation, productivity, employment, exchange rates and fiscal sustainability.
This is why the argument over N70,000 cannot be separated from the broader debate over Nigeria’s economic direction.
What happens next
The question of another national minimum wage increase remains part of Nigeria’s broader economic and political debate.
The existing law provides for periodic review of the national minimum wage, while organised labour, state governments, employers and political actors continue to advance different positions on what workers should earn.
Atiku’s intervention adds another political proposal to that discussion.
Whether a future government would increase the minimum wage, by how much and under what economic framework would depend on the policies it adopts, the state of public finances, negotiations with organised labour and the wider economic conditions at the time.
For Nigerian workers, however, the central issue remains straightforward: what their salaries can actually buy.
The continuing debate over N70,000 demonstrates the difference between a nominal wage figure and its real purchasing power — and why future wage reviews are likely to remain an important part of Nigeria’s economic and political conversation.
Weng Global – Stories beyond borders
Sources
- TheCable — reporting on Atiku’s recent comments about FAAC revenues and the purchasing power of the N70,000 minimum wage.
- TheCable — report on President Tinubu’s approval and signing of the N70,000 minimum wage legislation in 2024.
- Punch — report on the Nigeria Governors’ Forum’s call for consideration of a N100,000 minimum wage.
- TheCable — report on the Nigeria Labour Congress’ response to the N100,000 proposal.
- Punch — reporting on labour concerns about the adequacy of the N70,000 minimum wage.
