Amid the raging arguments between the government and the organised labour on the need to review upwards the minimum wage,
He noted that even if the N615,000 minimum wage demand by the labour is granted by the government, it won’t get them anywhere because the intervention is only at the level of pricing labour when the real thing should be the amount of social investment available in the country. He further stressed that it is not the amount of money one collects that matters but the purchasing power of such an amount of money.
“For example, Mr. Osifo, who is an important person in Nigerian leadership, is assuming that because you are collecting three times more money in FAAC now than in 2019, that there is availability, not knowing that seven times the cost now is not up to what you were collecting before. This is the illusion of money because it is not the amount of money you collect that matters, but the purchasing power of the money and the allocative efficiency in economics.