Due to the prevailing exchange rate, Nigerian professor earns only $265 per month — Obi

In the midst of the ongoing discussion surrounding the appropriate minimum wage that would align with the current harsh economic conditions faced by Nigerian workers, former Anambra State governor, Peter Obi, has highlighted the significant impact of the depreciation of the naira on the livelihood and monthly earnings of Nigerian professors.

Recognizing the concerns raised by the Nigerian Labour Congress (NLC) regarding the inadequacy of the existing N30,000 national minimum wage, which is set to expire next month, the federal government has established a tripartite committee to swiftly propose a new national minimum wage for the country.

The NLC has suggested that the new wage should fall within the range of N100,000 to N200,000, taking into account the current economic situation in Nigeria.

However, Peter Obi has emphasized the detrimental effects of the low standard of living wage on the highest-ranking academics in Nigeria, whose monthly income has remained stagnant at N400,000 for nearly two decades.

With the current exchange rate of N1,510 per dollar, an average professor in the country earns a meager $265 per month, contributing to the country’s low human capital index (HDI). During his visit to Nsukka, Peter Obi had two main objectives: to assess a dilapidated health center and to campaign for Hon Dennis Agbo, a federal legislator candidate for Udenu/Igbo Eze North Federal Constituency in the upcoming bye-election.

He expressed his belief in the legislator’s dedication to the welfare of his constituents and reminisced about his own time as a student at the University of Nigeria, Nsukka in the 1980s.

The individual in question graduated with top honors and secured a position as a lecturer at the institution. During my visit to the University as the Governor of Anambra State, he proudly informed me that he had become a professor, and I shared in his joy. However, when I encountered him again in Nsukka on Wednesday, our exchange of pleasantries took a sorrowful turn as he shared his unfortunate circumstances. It was evident from his appearance and demeanor that the happiness he once derived from being a professor had vanished.

He began by expressing his belief that he had wasted his years lecturing, delving into the issue of his current remuneration as a professor. According to him, his salary has remained the same since January 31, 2010, which was 14 years ago, despite reaching the pinnacle of his career. The only notable difference is that while the money held value in 2010, the same amount is now worth nothing.

The Professor recounted how, in the past, he could afford to purchase a Toyota Corolla with his savings, a feat that is no longer feasible today. When I inquired about his current salary, he mentioned it to be around N400,000. My heart sank when he requested that I advocate for him to be appointed as a Special Adviser by Honourable Dennis Agbo, as he believed he would earn more and receive additional benefits in that role compared to being a professor. This peculiar request left me shocked.

Motivated by this encounter and drawing upon my financial background, I decided to conduct a comparative analysis. On January 31, 2010, the salary of a Nigerian University Professor was approximately N400,000. Considering the exchange rate at that time, which was N150.10 per dollar, the salary amounted to roughly $2665.

Fast forward fourteen years to January 31, 2024, and the salary of a University professor remains at about N400,000. With the current exchange rate of N1,510 per dollar, the same salary now equates to approximately $265.

Therefore, after dedicating 14 years of hard work and reaching the pinnacle of his academic career, a Nigerian University professor now earns only 10 percent of what he earned 14 years ago. This unfortunate reality is unique to Nigeria and highlights the disparity in compensation for these esteemed professionals.