Minimum wage is 70k but survival cost is 700k — who is lying?

Nigeria government just announced minimum wage of 70k but some economists say a single person needs 700k monthly to survive in this country. Abeg which one is correct? I dey run my small factory for Aba and I can tell you 70k no fit buy garri for one month not to talk of pay rent and send pikin to school.

The IMF just backed naira float again and exchange rate is flat but prices don't ever come down. Meanwhile businesses for Nigeria dey struggle with insecurity and multiple taxes even when confidence is rising. So who exactly is this rising confidence for? Not for small business owners like me.

Be honest... if you earn 200k today how many months can you survive before you run mad?