N1 Million Minimum Wage Could Collapse Nigerian Economy, Says NLC President Ajaero

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has warned that a minimum wage of ₦1 million could collapse the Nigerian economy, arguing that addressing the high cost of living and improving the purchasing power of the naira should be prioritised.

Ajaero made the remarks during an interview on Channels Television on Thursday, amid ongoing discussions between organised labour and the Federal Government over a possible review of the minimum wage.

He said the focus should not be limited to increasing workers’ salaries but should also include measures to reduce the cost of living and strengthen the purchasing power of the country’s currency.

According to him, the government must first address the underlying factors responsible for rising prices and economic hardship before considering further increases in the minimum wage.

“₦1,000,000 minimum wage will collapse the Nigerian economy,” Ajaero stated.

His comments come amid rising fuel prices and the increasing cost of living, as the Federal Government recently approved a proposed monthly transport allowance of ₦70,000 for workers.

The debate over workers’ wages and additional financial support continues as organised labour calls for measures to improve workers’ welfare and cushion the effects of prevailing economic challenges.