The President of the Nigeria Labour Congress, Joe Ajaero, has warned that implementing a N1 million minimum wage could lead to the collapse of the Nigerian economy.
Ajaero made the statement during an interview on Channels Television on Thursday, amid ongoing discussions between the NLC and the Federal Government over a possible review of the minimum wage.
He explained that the major concern should not be limited to increasing workers’ salaries but should also include reducing the cost of living and strengthening the purchasing power of the naira.
According to him, the government must address the underlying factors responsible for rising living costs and take measures to improve the value of the country’s currency.
“N1,000,000 minimum wage will collapse the Nigerian economy,” he stated.
His remarks come as the Federal Government recently approved a N70,000 transport allowance for workers amid rising fuel prices and the growing cost of living.
