Ajaero: N1m Wage Useless Without Strong Naira

Joe Ajaero, the President of the Nigeria Labour Congress (NLC), expressed that a monthly salary of N1 million would be rendered worthless if the naira continues to weaken. In an interview on Tuesday in Abuja, Ajaero highlighted the ongoing concerns regarding the value of the naira and the impact of inflation on workers' purchasing power.

He noted that the rising cost of living has made it increasingly difficult for workers to afford necessities such as food, transport, and housing. Ajaero emphasized the importance of adhering to the legal procedures for reviewing the national minimum wage, stating that negotiations cannot be rushed and must follow the stipulated timeline.

He called for urgent government intervention to alleviate the burdens of inflation, particularly as fuel prices have surged, exacerbating the hardships faced by workers. Ajaero also mentioned the need for Nigeria to develop resilient energy policies to protect its economy from external shocks.