₦1m Salary Useless Without Strong Naira, Stable Economy — NLC

The Nigeria Labour Congress (NLC) has stated that even a ₦1 million monthly salary would hold little value for Nigerian workers if the naira remains weak and the economy unstable.

NLC President, Joe Ajaero, made this known in Abuja, stressing that rising inflation has significantly eroded the real value of wages. He emphasised that the focus should go beyond salary increases to strengthening the naira and improving overall living conditions.

“Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value,” he said, adding that workers need a system capable of sustaining them throughout the month.

Ajaero lamented the rising cost of living, noting that basic necessities such as food, transportation, and housing have become increasingly unaffordable. He attributed the worsening situation partly to fuel price hikes, which continue to have ripple effects across the economy.

On the issue of minimum wage, the labour leader clarified that no negotiations are currently ongoing, explaining that the process is guided by law and cannot be rushed for political reasons.

He assured that discussions would commence at the appropriate time before the expiration of the current wage structure.

Ajaero also urged the government to urgently tackle inflation and implement a resilient energy policy to shield Nigerians from global economic shocks.

He further raised concerns about growing confusion within the pension system due to the emergence of multiple unions, noting that the NLC is engaging relevant stakeholders to restore order and ensure proper remittances.

Ahead of Workers’ Day, he hinted that any planned protests would be limited to states that have yet to fully implement the approved minimum wage.

While acknowledging that most states have complied, he pointed out gaps in implementation, particularly at the local government level and within the education sector.

Reaffirming the NLC’s position, Ajaero stated that the congress remains committed to advocating policies that guarantee workers’ welfare and promote economic stability.


Elijah Adeyemi