1m salary worthless without stable naira, says NLC
The Nigeria Labour Congress (NLC) has said a monthly salary of N1 million is worthless to workers if the nation does not have a stable currency and improved economic conditions.
The Nigeria Labour Congress (NLC) has said a monthly salary of N1 million is worthless to workers if the nation does not have a stable currency and improved economic conditions.
NLC President Joe Ajaero said this in an interview with the News Agency of Nigeria (NAN) yesterday in Abuja.
He said organised labour was more concerned about the value of the naira than nominal wage increases, stressing that rising inflation had continued to erode workers’ purchasing power.
According to him, the steady increase in the cost of living has made it difficult for workers to afford necessities, including food, transportation, and housing.
“Even if Nigerian workers earn N1 million (per month), it will not be meaningful if the naira has no value.
“What we are looking for is a currency that can sustain workers and their families at least to the end of the month,” Ajaero said.
The NLC president stated that the ongoing conversation around a new national minimum wage must follow laid-down procedures.
He said this is governed by law and tied to a specific review cycle.
“The minimum wage has not been negotiated yet. It is a process that must follow the law.
“When it is time, we will commence negotiation ahead of its expiration. It cannot be rushed because of election timelines,” Ajaero said.
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He said the NLC would initiate the process within the stipulated window before the expiration of the current wage structure.
The NLC president also called for urgent government intervention to cushion the impact of inflation, noting that the current economic situation had not improved for workers.
He said the surge in fuel prices had worsened the hardship, with attendant effects on transportation, food prices and the general cost of living.
“We raised concerns when global developments began to impact fuel prices locally, and we called for intervention.
“The situation has not improved and the burden on workers continues to increase,” he said.
Ajaero stressed the need for Nigeria to develop a resilient energy policy that would reduce vulnerability to external shocks.
“It is not ideal that events in other parts of the world automatically translate into hardship in Nigeria.
“We must build a system that protects our economy and citizens,” he said.
Commenting on the state of pensions in the country, Ajaero said there were emerging concerns over the multiplicity of pension unions, which had created confusion within the system.
He said the NLC had written to relevant stakeholders and was working to convene a meeting to clarify the issues and ensure proper coordination.
“There are several pension groups now, and this is creating ambiguity. We are engaging them to understand what is at stake and find a common ground,” he said.
Ajaero said the umbrella labour union would seek clarifications on deductions and remittances of check-off dues among pensioners.
Giving his take on Friday’s Workers’ Day, Ajaero said any planned protest would not be nationwide but limited to states that had yet to fully implement the approved minimum wage.
“Street protests, if any, will be in states that have not complied with the minimum wage implementation.
“It is not a general protest across the country,” he said.
The BLC president added that most states had complied, but noted that some were yet to fully implement the policy, particularly at the local government and education sector levels.
According to him, there are also issues relating to consequential adjustments, with some states paying only the minimum wage without properly adjusting other salary structures.
“These are technical issues that must be addressed. We will evaluate the level of compliance before May Day,” he said.
Ajaero reiterated the commitment of the NLC to continue advocating policies that would improve workers’ welfare and ensure economic stability.
He hailed the Federal Government for the review of peculiar allowances and the 100 per cent duty tour allowance for civil servants, and hoped it would be implemented effectively.
