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The National Labour Congress (NLC) has justified their call for advocating a monthly minimum wage of N1 million from the federal government.
NLC President, Joe Ajaero made the justification in an exclusive interview with Arise TV while citing economic realities and inflationary pressures in the country.
Ajaero emphasized the necessity for a new minimum wage that accurately reflects the prevailing economic conditions and relevant economic indicators.
He highlighted the continuous depreciation of the Naira against the dollar and its impact on the cost of living, asserting that demands for an increased minimum wage are inevitable under such circumstances.
He explained that the initial proposal of N200,000 as a minimum wage is no longer feasible given the significant surge in prices of essential commodities and the persistent inflationary trends in the economy.
The NLC leader disclosed ongoing discussions between organized Labour and the Federal Government to address concerns raised in the strike notice issued by the NLC and the Trade Union Congress (TUC).
Ajaero outlined, "This N1 million may be relevant if the value of the Naira continues to depreciate; if the inflation continues to depreciate. The demand for Labour is equally dependent on what is happening in society."
Asserting the importance of considering the cost of living index in determining the minimum wage, Ajaero pointed out the exorbitant prices of essential commodities such as rice, which currently stands at approximately N60,000 to N70,000 per bag.
In response to the 14-day nationwide strike notice issued by organized Labour, President Bola Ahmed Tinubu's administration has urged workers to refrain from embarking on industrial action, appealing for understanding amidst the challenging economic climate.
