N1m minimum wage will collapse Nigerian economy — NLC President, Ajaero
Nigeria Labour Congress President Warns Against N1 Million Minimum Wage
In an interview with Channels Television on Thursday, Joe Ajaero, President of the Nigeria Labour Congress (NLC), discussed the potential economic ramifications of establishing a minimum wage of N1 million. Ajaero cautioned that such a move could lead to the collapse of the Nigerian economy.
While acknowledging ongoing discussions between the NLC and the Federal Government regarding a minimum wage review, Ajaero emphasized that the core issue lies in addressing the high cost of living and enhancing the purchasing power of the Nigerian currency. He stated that before increasing wages, the government needs to tackle the essential factors contributing to the rising cost of living.
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“N1 million minimum wage will collapse the Nigerian economy,” Ajaero said, articulating his concerns about the broader impacts of such a decision.
His remarks come in the context of the Federal Government’s recent approval of a N70,000 transport allowance for workers, aimed at alleviating the financial burden amid escalating fuel prices and overall living costs.
