The Nigeria Labour Congress (NLC) says a monthly salary of ₦1 million is worthless to workers without a stable naira and improved economic conditions.
NLC President, Mr Joe Ajaero said this in an interview with the News Agency of Nigeria (NAN) on Tuesday 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 ₦1 million, 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 that the ongoing conversation around a new national minimum wage must follow laid-down procedures, adding that it 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.
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“When it is time, we will commence negotiation ahead of its expiration. It cannot be rushed because of election timelines,” he said.
He said the congress 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.
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