Going by the minimum wage in Nigeria, which is Thirty thousand naira (N30,000) per month, it could take longer period of time for the citizens of the country to clear the debt due to the money borrowed by the Federal government.
According to Leadership News, every Nigerian citizen is owing the sum of $157, which is equivalent to N64,684 when converted. The citizens of the country are bittered about president Buhari's led administration.
(Photo credit; Google)
His excellency, the president of Nigeria, Muhammadu Buhari, has been heavily criticized by the citizens of the country both home and abroad due to the failures in leadership seen in the country.
The governors of the People's Democratic Party (PDP), have equally condemned the debt placed upon the country by the APC led administration. The people complain of not having meaningful results irrespective of the money borrowed by the Nigerian government and now, due to the decision taken by President Buhari and his executives, everyone in Nigeria is now a debtor.
(Photo credit; Businessday.ng)
However, if Nigerians are to pay the debt, whereby everyone will contribute the sum of N64,684, it will take a year or more to clear the debt following the N30,000 minimum wage.
Reason why it would take up to a year or more is because of the country's current recession. The N30,000 recieved as monthly payment is not even enough to pay bills and to settle other needs.
(Photo credit; Leadership News)
The price of goods and services in Nigeria is becoming alarming presently, this calls for the increase in minimum wage from N30,000 to N45,000 per month.
In order to pay the country's debt going by the minimum wage in Nigeria, couple with the ongoing Coronavirus pandemic and the recession in the country, one can only pay N5,000 from the N30,000 monthly payment.(Photo credit; Coinfomania)
It will take Nigerians one year and one month (13months) to clear country's debt by paying N5,000 from N30,000 minimum wage monthly (N5,000 X 13months = N65,000).
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