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Someone earning N2.5m annually is relatively poor – Festus Osifo

…In Nigeria today

Festus Osifo, President of the Trade Union Congress (TUC), has declared that earning N2,500,000 annually in Nigeria today equates to being “relatively poor.”

Speaking on Channels Television, Osifo highlighted how Nigeria’s economic challenges, including soaring inflation, have diminished the purchasing power of the Naira.

He explained that with current living costs, an annual income of N2.5 million might see half of one’s monthly salary, around N208,000, spent solely on transportation.

This leaves little for essentials like housing, food, and education, which have all seen price hikes. Osifo’s remarks have ignited discussions on social media, with many sharing their financial struggles despite what was traditionally seen as a decent income.

His comments call for urgent government action to adjust wages in line with inflation or implement supportive policies.

Osifo suggests annual wage reviews to keep up with living costs, emphasizing the need for policy changes to address the widening economic disparity in Nigeria.

SOURCE: NewsVibesNG

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