2027: How Nigerian govt can fund N500,000 minimum wage

The Presidential candidate of the African Action Congress (AAC), Omoyele Sowore, said Nigeria can afford a N500,000 monthly minimum wage by cutting government waste, recovering unpaid oil royalties and blocking financial leakages.

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Mr Sowore, who spoke virtually from the United States on Channels Television’s Politics Today on Thursday, said his proposal would increase the federal wage bill by about N7.1 trillion but argued that the funds could be generated through reforms to government spending.

“Where we get that from is when we cut waste,” he said.

The AAC candidate said his calculations showed that between N3 trillion and N4 trillion could be saved by eliminating waste in government. He added that recovering unpaid royalties from oil companies and plugging financial leakages would provide additional resources.

“We block leakage. We stop corruption. We may not be able to end it immediately,” he said.

Mr Sowore also argued that higher wages would increase workers’ purchasing power and stimulate economic activity.

The proposal has raised questions about how states, local governments and businesses would sustain such a wage, particularly given their varying revenue capacities.

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Mr Sowore said the wage proposal should be implemented alongside wider economic reforms aimed at raising productivity and reducing operating costs.

Electricity

Mr Sowore also promised a major restructuring of Nigeria’s electricity system, saying his administration would dismantle the current national grid and replace it with regional grids.

“I will take it apart,” he said of the national grid.

He proposed regional power systems drawing electricity from a mix of solar, gas, hydro and biogas.

Mr Sowore said Nigeria would need more than 60,000 megawatts of electricity to restore industrial productivity. He promised to deliver uninterrupted electricity within three years if elected.

“I will give you that in less than three years. I’m serious. I have done my research, and I have figured out how it will work,” he said.

Technology, healthcare, education

The AAC candidate also proposed using technology to monitor government spending and improve accountability, including the use of blockchain-based systems.

On healthcare, he said Nigeria could reduce the impact of medical brain drain by combining conventional healthcare services with telemedicine.

Under his proposal, Nigerian doctors living abroad would provide remote consultations to patients in the country, while doctors and other healthcare workers in Nigeria would conduct physical examinations and tests.

Mr Sowore also listed free technology-driven education, agricultural reforms aimed at improving food security and infrastructure development among his proposed policies.

No Office of First Lady

Mr Sowore said his administration would not establish an official Office of the First Lady, arguing that the position is not recognised by the Nigerian Constitution.

“There is no office of First Lady in the Nigerian Constitution. Becoming the president will not abolish my marriage, but I will not have the office of First Lady,” he said.

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He said women would still have a voice in his administration but questioned the use of public funds to maintain an office he described as unconstitutional.

“Women will be heard, but I don’t believe that you need a first lady who is holding an unconstitutional position and just wasting money that is meant for progress and projects,” he said.

“I am just telling you as a matter of policy that there won’t be an office of the first lady under the Sowore presidency,” he added.

Mr Sowore, an activist and publisher of Sahara Reporters, has previously contested the Nigerian presidency under the AAC in the 2019 and 2023 elections. His political platform has focused on anti-corruption, economic reforms and increased welfare for workers.