The N24.88 trillion salary that Nigerian workers received in the first six months of 2022 has been eroded by the incessant depreciation of the naira and rising inflation.
Workers in Nigeria’s formal sector saw their pay rise from N21.80 trillion in the first six months of 2021 to N24.88 trillion in the same time frame in 2022.
This is an increase of N3.08 trillion during the period.However, the most recent data on employee compensation from the National Bureau of Statistics revealed that there was only an increase of N550.97 billion when inflation was taken into account.
According to Punch, This indicates that in addition to the erosion of the salary increase of N3.08 trillion, the total salary of nearly N25 trillion also declined.
A deeper examination of the data revealed that employee compensation at 2010 purchaser’s value was N10.71 trillion in the first six months of 2021 and N11.26 trillion in the same period of 2022.
Making sense of pay of representatives, the NBS said, “This comprises of the all out compensation of workers in the conventional area, including the two wages and pay rates, and advantages in kind (like benefits).”
