The Nigeria Labour Congress says even a ₦1 million monthly salary would be meaningless without a stable naira and improved economic conditions, as inflation continues to erode workers’ purchasing power.
The Nigeria Labour Congress has said a monthly salary of ₦1 million would be worthless to workers without a stable naira and improved economic conditions. Joe Ajaero made the remark in an interview with the News Agency of Nigeria in Abuja, saying organised labour is more concerned about the value of the naira than nominal wage increases, as inflation continues to weaken workers’ purchasing power and raise the cost of living.
“Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value. What we are looking for is a currency that can sustain workers and their families at least to the end of the month,” Ajaero said. He noted that rising prices of food, transportation and housing have made it increasingly difficult for workers to meet basic needs despite income levels.
On the ongoing debate over a new national minimum wage, Ajaero said negotiations had not yet begun and must follow the legal review process. “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, adding that the congress would begin the process within the stipulated window before the current wage structure expires.
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