By ALTHOUGH higher than the Federal Government’s offer, wealthy Lagos State has announced just N85,000 as its new minimum wage.
Governor Babajide Sanwo-Olu made the announcement on Wednesday in Lagos.
The new minimum wage of N85,000 per month marks the highest in the country.
The amount is N15,000 higher than the N70,000 minimum wage approved by the Federal Government in July.
Recall that Kogi and Ogun states, less wealthy compared to Lagos, have both offered N72k and N77k respectively.
In fact, wealthy Delta State also offered just N77, 500 as minimum wage for its workers amid the skyrocketing inflation occasioned mainly by fuel subsidy removal.
Speaking on Channels Television’s Politics Today on Wednesday, Sanwo-Olu clarified that Lagos’ decision to set the wage at N85,000 is not intended to outshine other states but is based on the state’s financial capacity.
“It is not a competition,” he said. “I am not going to say we are paying more than some other people; it is a function of affordability and capacity.
“But we know too well that living in Lagos comes with a premium in terms of the cost of living, and we are fully aware of that.”
Earlier in the year, Lagos had already implemented a salary increase for its workers.
Sanwo-Olu expressed his desire to raise the minimum wage even further, aiming for N100,000 by January 2025.
He stated, “I would like to come back to you in January to say I have been able to increase the minimum wage of Lagos to N100,000.
“Not because I want to make anybody look bad, but because I want my people to have a living wage, to know that the government is working for them.”
Stonix News reports that the new wage stands out as the highest in the country, but still raises questions, considering the high cost of living in Lagos, which is, no doubt, Nigeria’s wealthiest state.
According to a 2022 report by BudgIT, here are the top 10 richest states in Nigeria ranked by GDP
1. Lagos State — GDP: ₦41.17 trillion
Lagos State, the commercial nerve centre of Nigeria, takes the crown as the wealthiest state by GDP. Lagos is a finance, commerce, and industry hub, home to Nigeria’s busiest seaports and airports. Its thriving entertainment and technology sectors further contribute to its economic dominance.
2. Rivers State — GDP: ₦7.96 trillion
Rivers State is known for its oil and gas industry. With significant oil reserves and robust industrial activity, including petrochemicals and manufacturing, Rivers State plays a pivotal role in Nigeria’s energy sector, contributing substantially to the nation’s GDP.
3. Akwa Ibom State — GDP: ₦7.77 trillion
Akwa Ibom State, another oil-rich region in Nigeria, has a flourishing petroleum industry. Besides oil extraction, the state benefits from agriculture, tourism, and a growing services sector. Its strategic location along the Atlantic coast enhances its economic potential, attracting investments and fostering development.
4. Imo State — GDP: ₦7.68 trillion
Imo State stands out for its diverse economy and thriving agriculture, commerce, and manufacturing sectors. The state’s strategic location, coupled with government initiatives to promote investment and entrepreneurship, has propelled its economic growth and contributed significantly to Nigeria’s GDP.
5. Delta State — GDP: ₦6.19 trillion
Delta State, another oil-producing region in the Niger Delta, the state has vast oil and gas reserves. The state’s economy revolves around oil exploration, refining, and related industries. Additionally, agriculture, trade, and services play crucial roles in driving Delta State’s economic prosperity.
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