The Nigerian Labour Congress (NLC) has stated that the minimum wage must reflect the economic condition of the country, News About Nigeria reports.
The NLC president, Joe Ajaero, disclosed this while speaking in an interview on Arise Television.
He noted that the Federal Government should consider increasing the minimum wage to N1m, stating that as long as the dollar keeps rising against the naira, demands for a higher minimum wage will be inevitable.
“This N1 million may be relevant if the value of the Naira continues to depreciate; if the inflation continues to depreciate. The demand for Labour is equally dependent on what is happening in society,” he said.
He further noted that the initial N200,000 minimum wage proposal is no longer tenable, citing the soaring price of food items and inflationary pressure in the economy.
He stated that when Congress had contemplated making the minimum wage N200,000, the exchange rate was about N900, however as of now, the exchange rate is about N1,400 or even more than that.
He maintained that these economic issues remain a determinant in the demand of the Congress, as they are equally affecting the cost of living, and added that the demands of the Congress have always been based on the cost of living index.
Ajaero further lamented the rising cost of food and commodities in the country.
“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?” he added.
