Covenant University, one of the leading private universities in Nigeria, has announced a 20% salary increase for its workers. The decision was made by the Board of Regents of the university, following the recommendation of the Chancellor, Dr. David Oyedepo.
The salary increases, which will take effect from January 2024, is aimed at motivating and rewarding the workers for their dedication and hard work. The university said that the increase was also in line with its vision of becoming one of the top 10 universities in the world by 2030.
The Vice-Chancellor of the university, Prof. Abiodun Adebayo, expressed his gratitude to the Board of Regents and the Chancellor for their generosity and foresight. He said that the salary increase would boost the morale and productivity of the workers, as well as attract and retain the best talents in the academic and non-academic sectors.
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He also urged the workers to reciprocate the gesture by giving their best to the university and its students. He said that the university was committed to providing quality education and research that would impact positively on the society and humanity.
Why Salary Increase is Paramount in Nigeria
Nigeria is a country with a population of over 200 million people, and a GDP of about $448 billion. However, despite its abundant natural and human resources, Nigeria is still plagued by poverty, unemployment, insecurity, and poor living standards. One of the major factors that contribute to these challenges is the low and stagnant salary structure of the public and private sectors.
According to the National Bureau of Statistics, the average monthly minimum salary of a Nigerian worker in 2020 was N40,000. This means that most Nigerians earn less than $2 per day, which is below the international poverty line. Moreover, the minimum wage in Nigeria is N30,000, which is about $28. This is far below the living wage, which is the amount of income needed to meet the basic needs of a person and their family.
The low salary of workers in Nigeria has several negative implications for the economy and society. First, it reduces the purchasing power and consumption of workers, which affects the demand for goods and services and slows down economic growth. Second, it increases the inequality and poverty gap between the rich and the poor, which fuels social unrest and violence.
Third, it discourages productivity and innovation among workers, who have little incentive to work hard or improve their skills. Fourth, it encourages corruption and fraud among workers, who resort to illegal means to supplement their income. Fifth, it affects the health and well-being of workers and their families, who cannot afford quality food, health care, education, and housing.
Therefore, it is paramount that the government and employers in Nigeria increase the salary of workers to a level that reflects their contribution to the economy and society. A salary increase would have several positive effects for Nigeria.
First, it would boost the purchasing power and consumption of workers, which would stimulate economic growth and create more jobs. Second, it would reduce the inequality and poverty gap between the rich and the poor, which would enhance social cohesion and peace.
Third, it would motivate productivity and innovation among workers, who would have more incentive to work hard or improve their skills. Fourth, it would discourage corruption and fraud among workers, who would have less need to engage in illegal activities. Fifth, it would improve the health and well-being of workers and their families, who would be able to afford quality food, health care, education, and housing.
The workers of Covenant University have expressed their joy and appreciation for the salary increase. They said that it was a rare privilege and a blessing to work in such a prestigious and progressive institution. They also pledged their loyalty and support to the university and its leadership.
Salary increase is paramount in Nigeria because it would benefit not only the workers but also the economy and society as a whole. It is time for the government and employers in Nigeria to recognize the value of workers and reward them accordingly.