N1m minimum wage will collapse Nigerian Economy — NLC boss Ajaero

N1m minimum wage will collapse Nigerian Economy — NLC boss Ajaero

The President of the Nigeria Labour Congress, Joe Ajaero, has defined why a N1,000,000 minimal wage would fall apart the Nigerian financial system.

speaking at some stage in an interview on Channels tv, Ajaero noted that whilst organised labour and the Federal government keep discussions over minimum salary critiques, the primary consciousness need to be decreasing the overall fee of dwelling and strengthening the buying electricity of the naira.

Ajaero stressed that macro-monetary interventions are fundamental to stabilize the financial system earlier than unsustainable salary demands are taken into consideration.

“N1,000,000 minimum salary will collapse the Nigerian economic system,” he said.

He highlighted that barring addressing structural inflation, currency devaluation, and high dwelling charges, nominal salary will increase would in the long run fail to improve employees’ dwelling standards.

His remarks comply with the Federal authorities’s current approval of a N70,000 month-to-month transport allowance for public workers to cushion the effect of rising gas fees and residing fees.