Oshiomhole disclosed this in a lecture for members of the Executive Intelligence Management Course 17 at the National Institute of Security Studies in Abuja.

According to him, the much discussed N70,000 minimum wage is just $42 when converted to dollars which is a sharp decrease compared to the past.

He said: “When the minimum wage in Nigeria was established under President Shagari, around 1981, it was about N125, which was equivalent to around $160 a month. Today, despite a 100% increase achieved by labour last year, the current exchange rate reduces this N70,000 to just $42.

“So, if you divide N70,000 by N1,650, it gives you $42. This shows that working people are much, much poorer now than we were many years ago. This income devaluation affects the quality of life and everything else.”

The former Edo State governor believed that the government and wealthier states should pay more than the present minimum wage.

Reminiscing on his time as President of the Nigeria Labour Congress, he recalled calling for Lagos State to raise its minimum wage beyond N5,000.

He said: “A serious employer should not be paying the minimum wage; they should pay more. Major employers, like the civil service, should not pay just the minimum wage. I expect the Federal Government will, over time, adjust its minimum wage.

“When I was NLC President, we agreed that oil-producing states, like Delta, Bayelsa, Rivers, Akwa Ibom, and Lagos, which have significant revenue, should pay no less than N7,000—the same as the federal rate.

“Interestingly, when we pursued this, the current President was then Governor of Lagos State. He showed me all the books and said he couldn’t afford it, but I had to push him. We organised strikes to make sure that all necessary funds were used for salaries, even if it meant sacrificing other projects.