‘Voodoo economy’ — Makinde says old N18,000 minimum wage could buy more than current N70,000

Seyi Makinde, governor of Oyo and presidential candidate of the Allied Peoples Movement (APM), has accused the administration of President Bola Tinubu of running a “voodoo economy”.

Makinde spoke on Friday while addressing civil servants at the government house in Agodi, Ibadan, the Oyo state capital, after returning from his annual leave.

The governor said the old N18,000 minimum wage during the administration of former President Goodluck Jonathan could buy more than the current N70,000.

A month before Makinde was sworn in for his first term as governor of Oyo, the late former President Muhammadu Buhari increased the minimum wage for civil servants from N18,000 to N30,000 per month in April 2019.

Nearly five years later, President Tinubu raised the minimum wage to N70,000 in July 2024 as part of efforts to cushion the impact of the removal of the petrol subsidy.

In August, Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the economic reforms, including the removal of the petrol subsidy, had mobilised N15.8 trillion in resources for the federation between June 2023 and December 2025.

Makinde, however, said the increase in minimum wage had not effectively tackled the economic hardship caused by the removal of the petrol subsidy.

“It’s been a very challenging period, economically. Yes, FAAC has gone up. But when I came in as governor, the first salary bill I signed was N4.5 billion,” he said.

“Today, the salary bill is N18 billion. The minimum wage as of the time I came was N18,000. Today, it is N80,000. But the N18,000 of that time can even buy more than what the current N70,000 can do today.

“That is the kind of voodoo economy that they have handed over to Nigeria.

“So, Nigeria Labour Congress (NLC), we have to sit down. Our people are challenged. That is the reality. The resources are limited.”

In view of the economic situation, the governor said his administration would extend its current wage award to workers across the state for another three months, while transport subsidies would also continue.

‘WHY IS HE SCARED OF HANDING OVER TO THE VICE PRESIDENT’

The governor also criticised Tinubu over what he described as the president’s failure to formally transfer power to Vice-President Kashim Shettima while away from the country.

Makinde compared the situation with his own recent annual vacation, during which he said he handed over to Bayo Lawal, his deputy.

“I went on vacation, but I handed over to my deputy governor. I am running to be the president of Nigeria because I have the capacity,” Makinde said.

“They’re trampling on the constitution of Nigeria. If the president is out of the country, why is he scared of handing over power to the vice-president?

“I went away for one month, but my team was able to carry the responsibility of running the state. So, tell him (Tinubu) to follow the constitution of Nigeria.

“He swore at the Eagle Square to abide by the constitution. If the president is not around, hand over the government to the vice-president. That is the constitution.” (TheCable)