Presidential candidate of Young Progressive Party, YPP, Mr. Kingsley Moghalu, has frowned on the proposed minimum wage by the Federal Government, saying any increment should be twice the current N18,000.00.
Moghalu, in a statement yesterday, said to fund a higher minimum wage, he would stop the subsidy on petroleum products if elected President.
His words: “Moghalu believes that a new minimum wage should be closer to double the current N18,000.00. The rationale for this is the need to start pushing back on the growing number of extremely poor Nigerians.
87 million Nigerians, which account for about 45% of the population, now live in extreme poverty. Nigeria also has a high dependency ratio whereby, social support is provided by family and friends to more hapless relations.
To fund a higher minimum wage, I plan to eliminate the petroleum subsidy, increase tax revenue by ensuring more individual and corporate citizens (including informal sector operators) pay their taxes to the government, and remove labour redundancy in the public service. Elimination of the subsidy on petrol will save the government up to N500 billion yearly.