Omoyele Sowore, the candidate for the African Action Congress (AAC), has outlined a plan to fund a proposed N500,000 minimum wage in Nigeria by 2027. The politician stated that his calculations indicate the government could save between N3 trillion and N4 trillion annually by eliminating waste within its operations.
Sowore presented these figures as the primary mechanism for financing the significant increase in the national minimum wage. He argued that the current level of inefficiency in public spending represents a substantial financial resource that is currently being lost.
According to the AAC candidate, redirecting these savings would allow the state to meet the cost of the new wage floor without relying on additional borrowing or tax hikes. The proposal suggests that administrative reform and strict budgetary discipline are key to achieving this economic goal.
The plan positions the elimination of government waste as a direct prerequisite for improving the purchasing power of Nigerian workers. By targeting specific areas of expenditure, Sowore claims the federal government can free up sufficient capital to implement the N500,000 standard.
This proposal forms part of the broader economic platform presented by the AAC during its campaign period. The candidate’s strategy focuses on internal fiscal management rather than external revenue generation to address the cost of living crisis.
<small>Source: AllAfrica Nigeria — read the original story there.</small>
