Why N30,000 Minimum Wage May Ruin Nigerian Economy – Moghalu

Former deputy governor of the Central Bank of Nigeria and the 2019 presidential candidate of the Young Progressives Party(YPP), Kingsley Moghalu has expressed scepticism over the anticipated implimentation of the N30,000 minimum wage for the Nigerian workers, to the Nigerian economy at this time.

While the organized labour proposed minimum salary scale has reached President Muhammadu Buhari and the workers are anticipating approval from the National Assembly, Moghalu is maintaining a divergent opinion towards it in an interview with journalists at the Workstation.

“Paying a minimum wage of over N30,000 now will create massive inflation in the country.

“I stand with labour unions in their demand, and I also know that N18, 000 minimum wage is poverty wage, however in handling the economy, care must be taken to avoid decisions that may crumble it”, he said.

“If Nigeria has constant electricity alone, it will have tremendous positive impact on the economy”, the former CBN chief added.

On the 2019 general election, Moghalu said inducement will play little or no part in deciding who wins.

According to him, some politicians may want to buy votes but Nigerians cannot be fooled any longer into selling their votes

Speaking about the country’s borders, he said Nigeria has lost significant part of its territorial control.

Moghalu said: “We need to properly demarcate our borders and man them efficiently, using combined border security forces.

“Our borders with Chad, Niger, Cameroun and Benin are so porous that we have so many non citizens troop in daily, commit crimes and leave undetected.”

The presidential candidate warned that if not handled well, it might affect the conduct of the 2019 elections, adding that INEC might not be able to hold elections in volatile areas.