Speaking at The Platform Nigeria, an event organized by the Lagos-based Covenant Nation to commemorate Democracy Day 2024, Soludo emphasized that not all state governments and the Organised Private Sector can afford the proposed N62,000 by the Federal Government or the N250,000 demanded by the Organised Labour.

As the former Governor of the Central Bank of Nigeria (CBN) and Speaker from 2015 to 2019, Soludo highlighted the potential economic repercussions of such wage policies. He stressed that without careful consideration, an unsustainable wage increase could trigger job losses and lead to broader economic instability across the country.