Naira devaluation and inflation hurt workers’ N25tn wages

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With the endless devaluation of the naira and rising inflation, the wages received by Nigerian workers in the first six months of 2022 will rise to N24.88 trillion. Salaries for full-time workers in Nigeria have increased from her N21.80 trillion in the first six months of 2021 to her N24.88 trillion in the corresponding period of 2022. This represents her N3.08 trillion increase over the period, but adjusted for inflation, the latest data from the National Bureau of Statistics on Workers’ Compensation shows only a N550.97 billion increase. showed. This means that not only N$3.08 trillion of pay raises have been eaten up, but nearly N$25 trillion of total wages have been canceled. Analyzing the data in more detail, employee value payer compensation in 2010 for the first six months of 2021 was N$10.71 trillion, rising slightly to N$11.26 trillion in the corresponding period of 2022. It became clear. NBS explains worker compensation as follows: “Real employee compensation for the first and second quarters of 2022 increased by 6.48% and 3.93% year-over-year, respectively.

Samuel Alexander

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