The real value of employees’ earnings fell sharply by about N2.79tn in 2024 to N25.48tn, indicating that workers became poorer as inflation wiped out gains from higher nominal pay, data from the Central Bank of Nigeria show. These figures mean that when adjusted for inflation, take-home pay for Nigerian workers decreased despite earning more naira, representing a significant loss in purchasing power during the year. “Nominally, you’ve earned more, but in real value, you’ve earned less, which literally means you are poorer,” he said. “The cost of living in the country is beyond the increases, if any, in nominal income. Ajibola noted that the situation is worse in the informal sector, where workers lack bargaining power and formal wage protections.

Source: Punch January 26, 2026 05:08 UTC