Nation

Inflation: NLC considers N1m as new minimum wage

The President of the Nigeria Labour Congress, Joe Ajaero, says if the ongoing inflation continues unabated, organised labour might push for a new minimum wage of up to N1 million for Nigerian workers.

Ajaero said the demand from organised labour would be influenced by the cost of living which has been increasing since President Bola Tinubu assumed office, mostly due to the removal of fuel subsidy and other policies.

The NLC president who gave hint in an interview with Arise News, said: “This N1 million may be relevant if the value of the Nigerian (naira) continues to depreciate; if the inflation continues unchecked because the demand of labour is equally dependent on what is happening in the society.

“You will remember that by the time we were contemplating N200,000 (as minimum wage), the exchange rate was about N800/N900 (to a dollar). As we talk today, the exchange rate is about N1,400 or even more.

“Those are the issues that determine the demand and it is equally affecting the cost of living.

“And we have always said that our demand will be based on the cost of living index. You will agree with me today that even a bag of rice is going for about N60,000/N70,000 or more.

“You have to factor in these issues and that will determine the Federal Government’s commitment to this negotiation. It is not just that they want to give us a minimum wage.”

NLC and the Trade Union Congress had last week Thursday issued a 14-day strike notice to the Federal Government, expressing frustration over its failure to implement a 16-point agreement signed in October 2023.