Joe Ajaero, the President of the Nigeria Labour Congress has said that organised labour may demand up to N1 million as the new minimum wage for Nigerian workers if the rising inflation remains unchecked.
Ajaero said the demand for organised labour would be determined by the cost of living which has skyrocketed since President Bola Tinubu came to power following the removal of fuel subsidy and other policies.
The NLC and the Trade Union Congress (TUC) on Thursday issued a 14-day strike notice to the Nigerian government. The unions, in a statement, said they were furious over the government’s failure to implement a 16-point agreement signed in October 2023, which aimed to address the “massive s¥ffering” caused by the hike in petrol prices and naira devaluation, policies blamed for the worsening hardship and inflation.
The NLC and TUC issued a stern ultimatum to the government to honour its part of the understanding within 14 days starting from Friday, February 9, 2024.
In an interview with Arise News on Sunday evening, Ajaero 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. [Swipe]
