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Minimum wage increase can’t halt higher cost of living, inflation – Onochie insists

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Nnamdi Onochie, an ex-presidential aspirant of the Peoples Redemption Party (PRP) ahead of February 2023 elections in Nigeria, has insisted that the increase in minimum wage will not solve the problems of higher cost of living and inflations.

He was baring his minds in a statement  issued on Saturday against the backdrops of the current state of economic affairs in Nigeria, especially the recent outcries by average citizens on problems of high endemic inflation in the country.

Onochie who was also former Nigerian envoy to Algeria and Philippines, opined the federal government and critical stakeholders must fashion out a strident and diligent policy titled at reducing the rising cost of living and inflation by 32 percent in the first instance.

According to him, “it remains to be seen and elaborated, how increase in minimum wage from N30, 000 to N35, 000, will solve the economic hardships and problems of high endemic inflation in Nigeria.

“Some state governments are still paying the penultimate increase of N18,000 monthly; how will they move to N100,000 per month,”he queried.

Continuing, the former presidential hopeful stated “technocrats only have the tenacity to approach thos pathway and they can achieve it.

“The politicians junketting to be President in 2023 now all of them cannot do it, and they have revealed their incapacitation.

Mr Onochie, however, advocated Nigeria’s restructuring and return to the 1963 parliamentary system of government so as to set the country on a win-win unicameral path in which campaign expenditures do not bread massive corruption, delegates and vote buying.

His words: “the Nigeria is better served and governed through a restructuring and return to the parliamentary 1963 constitution, with modification to reduce harmful ethnic and political competition and set the country on a win-win unicameral path in which campaign expenditures do not bread massive corruption, delegates and vote buying.

“A government that is not performing like President Muhammadu Buharis can be removed through a parliamentary vote of no confidence by the majority parliamentary caucus”.

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