NLC President Ajaero: ₦1M minimum wage would collapse economy, urges focus on cost of living
NLC President Joe Ajaero warned Thursday that a ₦1,000,000 minimum wage would collapse Nigeria's economy, arguing the real solution lies in reducing the cost of living and strengthening the naira's purchasing power. Speaking on Channels Television, Ajaero said while labour and government discuss wage reviews, any increase without addressing underlying inflation drivers would be counterproductive.
His comments come days after the Federal Government approved a ₦70,000 transport allowance for workers to cushion rising fuel prices and living costs. Ajaero stressed that boosting currency value and tackling inflation at its root—not arbitrary wage hikes—would deliver sustainable relief for workers.
The ₦70,000 allowance takes effect immediately, but labour leaders maintain it's a temporary measure. With inflation above 30% and the naira volatile, the debate centers on whether wage adjustments or structural economic reforms will actually improve workers' real income.
As the minimum wage negotiation continues, the question isn't just what number gets agreed—it's whether accompanying policies will make that number mean anything in the market. Will you push for higher nominal wages or demand the structural fixes that make your salary actually buy more?