N1m minimal 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 collapse the Nigerian financial system.

Speaking throughout an interview on Channels Television, Ajaero famous that whereas organised labour and the Federal Government proceed discussions over minimal wage opinions, the first focus should be decreasing the general value of residing and strengthening the buying energy of the naira.

Ajaero confused that macro-economic interventions are essential to stabilize the financial system earlier than unsustainable wage calls for are thought of.

“N1,000,000 minimum wage will collapse the Nigerian economy,” he acknowledged.

 He highlighted that with out addressing structural inflation, foreign money devaluation, and excessive residing prices, nominal wage will increase would in the end fail to enhance staff’ residing requirements.

His remarks comply with the Federal Government’s latest approval of a N70,000 month-to-month transport allowance for public staff to cushion the impression of rising gas costs and residing bills.