The Nigeria Labour Congress (NLC) has cautioned that even a ₦1 million monthly salary would offer little relief to workers if the naira remains weak and the cost of living continues to rise.
Speaking in Abuja, NLC President Joe Ajaero stressed that the real issue is not just higher wages, but the actual value of money. According to him, inflation has severely reduced purchasing power, making it increasingly difficult for workers to afford essentials like food, transport, and housing.
He explained that without a stable and strong currency, any salary increase would be quickly eroded by rising prices. “What truly matters is a system where workers can meet their needs and still have enough to last the month,” he noted.
Ajaero also addressed discussions around a new minimum wage, clarifying that the process is guided by law and follows a structured timeline—not political pressure. He assured that negotiations would begin at the appropriate time before the current wage framework expires.
The labour leader further called on the government to urgently address inflation and ease the economic burden on citizens, pointing out that rising fuel costs have worsened hardship nationwide.
He emphasised the need for a more resilient energy and economic strategy, warning that Nigeria must reduce its vulnerability to global shocks that directly impact local prices.
On pensions, Ajaero raised concerns about the growing number of pension groups, saying it has created confusion. He added that the NLC is working with stakeholders to streamline the system and ensure transparency in deductions and remittances.
Looking ahead to Workers’ Day, he noted that any planned protests would be limited to states yet to fully implement the approved minimum wage, rather than a nationwide action.
He concluded by reaffirming the NLC’s commitment to pushing for policies that improve workers’ welfare and ensure long-term economic stability.
- NAN