Minimum wage has been a very controversial issue in most countries of the world which has generated series of negative industrial action due to the inability of workers to satisfy their basic necessities of life. In recent times, Nigeria is engulfed with the crisis of the N30,000 minimum wage issue. This study therefore investigated the phenomenon through a qualitative research approach and found out that the new minimum wage is desirable but may not be adequate due to lack of adequate monetary and fiscal policy measures, factors of socio cultural and economic setting, prevalence's of institutional corruption, and above all, the absence of political will. As such the study recommends that the government should look beyond the 30,000 minimum wage and come up will effective monetary and fiscal policies that will stabilise interest rate, price, taxes, exchange rate fluctuations and employment opportunities. The study also suggests stringent actions on corruptions and institutional reforms amongst the three ties of government especially in the local government with a view to stimulate the rural economy.