According to the National Bureau of Statistics,a kilogram of Tomato as of May, 2024 stood at N1479 per kg, this would mean that the newly approved minimum wage can buy 47 kg of Tomato.
The National Bureau of Statistics (NBS) has put the national cost of a healthy diet at N1041 per meal, which portends that the newly approved N70,000 minimum wage can buy a healthy diet 67 times.
Recently , the Nigerian Labour Congress and the Nigerian government reached an agreement of a N70,000 minimum wage; this has elicited different reactions from Nigerians.
This report takes a look at what the newly approved minimum wage can buy.
According to the National Bureau of Statistics,a kilogram of Tomato as of May, 2024 stood at N1479 per kg, this would mean that the newly approved minimum wage can buy 47 kg of Tomato.
The newly approved minimum wage can also buy 43.5Kg of local rice at N1608/kg , this is based on the national food price released by the NBS. That is the newly approved minimum wage cannot buy 50kg local rice.
The N70,000 minimum wage can buy 34.8kg of Brown beans with each kilogram costing N2009.
It can purchase 52 tubers of yam at 1322 per tuber. 13 kg of boneless beef can also be purchased with the newly approved minimum wage. Other items such as 53.5 loafs of bread at N1308 per loaf can be purchased.
The minimum wage can also buy 41.5 bottles of palm oil at N1683 per bottle. 62.8kg of Garri can be purchased at N1114 per kg.
The average price of a litre of petroleum stood at N750 for the month of June based on the NBS data, this would mean that the approved minimum wage can buy 93 litres of petroleum.
The average amount paid for bus journeys within the city stood at N976 in June , 2024, meaning that the minimum wage can cover 71.6 trips within the city.
The minimum wage can cover 9.8 intercity journeys at N7,129 per journey based on official data published by the NBS.
The NBS puts the national cost of healthy diet at N1041 per meal, meaning that approved minimum wage can buy 67 healthy diet.