Nigerians need deflation of economy – Onuesoke
A Chieftain of the Peoples Democratic Party, PDP, in Delta State, Chief Sunny Onuesoke, has said the solution to Nigeria’s economic problem is not increase in minimum wage, but deflation of economy. Onuesoke, in a chat with Vanguard said wage increment would not solve the economic problem in the country, but would increase it. According to him, Nigerians were getting it wrong. His words: “What Nigeria wanted is deflation. If you increase the salary to one million Naira today, the prices of goods and services will keep increasing. The more you increase the minimum wage, the more it goes ‘pari passu’ with the increase of goods and services. The average person who is not in the civil service but produce food items like pepper, tomatoes, yam, garri etc will increase his produce. “Wage increase cannot match resolve the inflation rate because as there is more salary increase, there are more currency in circulating in the system. When there is more cur...