NLC President: N1m Salary Useless Without Strong Economy

Joe Ajaero, the President of the Nigeria Labour Congress (NLC), expressed that a monthly salary of N1 million is rendered useless without a robust economy and a stable currency. In an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja, Ajaero highlighted that the increasing cost of living, particularly in food, transport, and housing, has made life challenging for workers.

He warned that inflation continues to diminish the purchasing power of Nigerian workers, stating that even if they earn N1 million, it would not hold value due to the naira's depreciation. Ajaero noted that negotiations regarding the minimum wage have not yet commenced, stressing that the labor organization will begin discussions when the appropriate time arises, ahead of the expiration of the current wage structure.

He urged the government to urgently address inflation and rising fuel prices, which exacerbate economic hardships for workers, and called for the development of a stronger economic system less susceptible to external shocks.