In a statement on his official X account, Kalu Aja, a well-known financial analyst and educator, has addressed the increasing petrol costs in Nigeria.
Aja highlighted the significant impact of fuel price hikes on Nigerian workers.
Aja explained that $100 in the United States cannot be directly compared to N160,000 in Nigeria due to differences in earning power.
He pointed out that $100 represents only 8.62% of the average monthly wage in the U.S.
Whereas N160,000 is 228% of the average monthly wage in Nigeria.
“$100 to an American is not the same as N160,000 to a Nigeria.
You simply can’t convert.
$100 is 8.62% of a monthly Fed US wage.
N160,000 is 228% of the monthly NGR wage.
This means a US resident earner can afford N900 per litre PMS but a Nigerian earner will struggle to afford this.
Again, compare earnings not the exchange rate.
Note: Federal Minimum Wage is $7.25 an hour, 40 hrs a week,” Kalu Aja wrote.
Aja stated that this differences shows how difficult it is for Nigerians to afford high petrol prices.
According to his analysis, a worker in the U.S. could comfortably buy petrol at N900 per litre.
However, a Nigerian worker would struggle with such high costs.
Aja also noted that the federal minimum wage in the U.S. is $7.25 per hour for a 40-hour work week.
This wage structure compared with the situation in Nigeria, where the minimum wage does not match the same purchasing power….Vìêw–Morê