The Nigeria Labour Congress (NLC) has warned that a ₦1 million monthly salary will mean little for Nigerian workers if the naira remains weak and inflation continues to rise. NLC President Joe Ajaero made this known on Tuesday in Abuja, stressing that workers are more concerned about the real value of their earnings than the figures on paper. His remarks reflect growing frustration over declining living standards across the country.
Purchasing Power Drops as Cost of Living Rises
Ajaero said rising inflation has steadily reduced workers’ purchasing power, making it harder to afford basic needs such as food, transportation, and housing. He explained that the real challenge is not how much workers earn, but how far that income can go in today’s economy.
“Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value,” he said. “What we are looking for is a currency that can sustain workers and their families at least to the end of the month.”
Minimum Wage Negotiations Yet to Begin
The labour leader clarified that talks on a new national minimum wage have not started, noting that the process follows a legal timeline and cannot be rushed. He dismissed suggestions that negotiations could begin immediately or be influenced by political pressure.
According to him, discussions will commence at the appropriate time before the current wage structure expires, in line with established procedures. He stressed that due process is necessary to ensure fairness and sustainability in any new agreement.
Fuel Prices and Inflation Deepen Hardship
Ajaero linked the worsening economic situation to rising fuel prices, which he said continue to push up transportation costs, food prices, and overall living expenses. He noted that earlier concerns raised by organised labour about global factors affecting local fuel prices have not been adequately addressed.
“The situation has not improved,” he said, warning that workers are bearing the brunt of policies that leave the economy exposed to external shocks. He called for urgent government intervention to ease the pressure on citizens.
Pension Concerns and May Day Plans Emerge
On pension matters, Ajaero expressed concern over the emergence of multiple pension unions, saying it has created confusion within the system. He revealed that the NLC is engaging stakeholders to resolve issues around deductions and remittances.
Speaking ahead of Workers’ Day, he said any protest would be limited to states yet to fully implement the approved minimum wage. He added that while many states have complied, gaps remain, particularly in local government and education sectors.
Call for Stronger Economic Policies
Ajaero reiterated the NLC’s commitment to pushing for policies that improve workers’ welfare and stabilise the economy. He also acknowledged recent federal government steps, including the review of peculiar allowances and the approval of a 100 per cent duty tour allowance for civil servants.
He expressed hope that these measures would be effectively implemented, noting that lasting relief for workers depends on stronger economic policies and a more stable currency.