"N1m Minimum Wage Worthless": NLC President Explains What Must Be Done
- The president of the Nigeria Labour Congress stated that it is more important to have a strong and stable currency than to increase the minimum wage
- Mr Joe Ajaero said the federal government has to work on cushioning the effect of a sudden spike in inflation due to the ongoing global crisis
- He said the fight for a new minimum wage increase would follow the law and would not be rushed as the general elections approach
The president of the Nigeria Labour Congress, Mr Joe Ajaero, has asserted that the most important step the government should take right now for the citizens is not increasing the minimum wage but strengthening the currency.
He said even if the minimum wage is increased to N1 million, and the present harsh economic conditions persist, such an increment would be worthless.
Source: Facebook
He made the comment while engaging reporters of the News Agency of Nigeria on Tuesday, April 28, in the nation's capital, Abuja.
NLC boss clamours for strengthening the naira
Ajaero said there is no point in collecting a seemingly high wage if it cannot sustain a worker's basic needs. He emphasised that, at the moment, what is more important is to work on the purchasing power of the naira.
According to Punch, the labour union boss said the recent increase in cost of living across the country has made it disturbingly difficult for workers to conveniently afford necessities like housing, clothing and feeding.
He said the surges in the cost of fuel have made living more unbearable for Nigerian workers and requested that the government find a way to shield the country from getting badly bruised whenever there is an event on the global stage to which Nigeria is not a party.
He was referring to the conflict in West Asia, where the United States teamed up with Israel to launch a coordinated attack on Iran, a large oil-producing country.
As a result of the assault, the Iranian government shut the Strait of Hormuz, a narrow waterway that extends from the Persian Gulf to the Oman Gulf. About 25% of the world's oil passes through the route.
Source: Getty Images
Upon closing, crude oil prices skyrocketed and prices of goods and some services that heavily depend on fuel and transportation.
“It is not ideal that events in other parts of the world automatically translate into hardship in Nigeria.
“We must build a system that protects our economy and citizens,” the NLC president said.
NLC speaks on next minimum wage struggle
NLC boss said the next round of agitation for a new minimum wage will be carried out in accordance with the law.
He said the process for demanding new wages will not be rushed at all as the general elections draw near.
“The minimum wage has not been negotiated yet. It is a process that must follow the law.
“When it is time, we will commence negotiation ahead of its expiration. It cannot be rushed because of election timelines,” he said.
Why the Strait of Hormuz is critical
Earlier, Legit.ng analysed that the rising tensions in the Middle East renewed global attention on the strategic importance of the Strait of Hormuz, a narrow waterway critical to international oil shipments.
Recent military action involving the United States, Israel and Iran raised concerns that the route could be disrupted, with potential consequences for global energy supply.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
