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* Nigerian workers are sinking into deeper poverty no thanks to the rising inflation.
Recently the National Bureau of Statistics (NBS) announced Nigeria’s headline inflation rose 20.52 percent in August 2022 on a year-on-year basis. This is the highest level it has been since 2005.
For a Nigerian earning the National Minimum Wage at N30,000 per month, or N360,000 per year.
When the annual salary is adjusted for inflation, the take-home pay in the last year has been reduced by N61,295 in real terms.
Economists calculate workers’ real income by dividing their wages by the annual inflation rate. It is calculated as [Wages / (1 + 20.62%) = Real Income].
Using the above formula, an average Nigerian worker’s annual salary of N360,000, when adjusted for inflation, is N298,705, or N24,892.
Source: Ripples Nigeria
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