Nigeria Labour Congress President Joe Ajaero has warned that setting the national minimum wage at N1,000,000 would destabilise the country’s economy, arguing that wage negotiations must be matched by action to curb living costs and restore the naira’s buying power.
Speaking in a Channels Television interview on Thursday, Ajaero said discussions between the NLC and the Federal Government over revising the minimum wage should not focus solely on the nominal amount paid to workers. The more important task, he said, is reducing the expenses faced by households and improving the value of Nigeria’s currency.
He said the government needs to tackle the structural pressures behind the rising cost of living before pursuing dramatically higher wage levels. “A N1,000,000 minimum wage will collapse the Nigerian economy,” Ajaero said.
The comments follow the Federal Government’s recent approval of a N70,000 transport allowance for workers, introduced as fuel prices and broader household costs continue to rise.
