The President of the Nigeria Labour Congress, Joe Ajaero, has explained why a N1,000,000 minimum wage would collapse the Nigerian economy.
Speaking during an interview on Channels Television, Ajaero noted that while organised labour and the Federal Government continue discussions over minimum wage reviews, the primary focus must be reducing the overall cost of living and strengthening the purchasing power of the naira.
Ajaero stressed that macro-economic interventions are necessary to stabilize the economy before unsustainable wage demands are considered.
“N1,000,000 minimum wage will collapse the Nigerian economy,” he stated.
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He highlighted that without addressing structural inflation, currency devaluation, and high living costs, nominal wage increases would ultimately fail to improve workers’ living standards.
His remarks follow the Federal Government’s recent approval of a N70,000 monthly transport allowance for public workers to cushion the impact of rising fuel prices and living expenses.