Why FG should consider N1m as minimum wage – NLC

The Nigeria Labour Congress, NLC, has advanced reasons the Federal Government should consider N1 million as the new monthly minimum wage.

The NLC president, Joe Ajaero, disclosed this in an interview on Arise Television.

According to Ajaero, the new minimum wage must reflect the country’s economic conditions and other economic indicators.

Ajaero said that as long as the dollar kept rising against the naira, demands for a higher minimum wage would be inevitable.

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He said the initial N200,000 minimum wage proposal was no longer tenable, citing the soaring prices of food and other items as well as inflationary pressure in the economy.

He said the organized Labour was meeting with the Federal Government on Monday to discuss resolutions around the strike notice issued by the NLC and Trade Union Congress, TUC.

Ajaero said, “This N1 million may be relevant if the value of the Naira continues to appreciate; if the inflation continues to depreciate. The demand for Labour is equally dependent on what is happening in society.

“You will remember that by the time we contemplated N200,000, the exchange rate was about N900. Today, the exchange rate is about N1,400 or even more.

“Those are the issues that determine the demand, and they are equally affecting the cost of living, and we have always said that our demand will be based on the cost of living index.

“You’ll agree that a bag of rice is about N60,000 to N70,000. Foodstuff is getting out of reach. Now, will we get a minimum wage that is insufficient for transportation, even for one week?

“We have to factor in all these issues. And that will determine the federal government’s commitment to these negotiations,” he said.

Recall that the organized Labour issued a 14-day nationwide strike notice last week.

President Bola Ahmed Tinubu’s administration, however, appealed to workers not to embark on a strike over the country’s economic condition.