NLC: ₦1 million worthless monthly salary without stable Naira

The Nigeria Labor Congress (NLC) says a monthly salary of ₦1 million is worthless to workers without a stable naira and improved economic conditions.

Joe Ajaero, Chairman of the NLC, said this on Tuesday in Abuja.

He said organized labor was more concerned about the value of the naira than nominal wage increases, stressing that rising inflation continued to erode workers’ purchasing power.

According to him, the constant increase in the cost of living has made it difficult for workers to afford basic necessities, including food, transportation and housing.

“Even if Nigerian workers earned ₦1 million, it would be meaningless if the naira had no value.

“What we are looking for is a currency that can support workers and their families at least until the end of the month.

Ajaero said the ongoing debate on a new national minimum wage must follow established procedures, adding that it is regulated by law and tied to a specific review cycle.

“The minimum wage has not yet been negotiated, it is a process that must follow the law.

“When the time comes, we will start negotiations before their deadline. It is not possible to rush them due to election deadlines,” he said.

He said congress will start the process within the deadline set before the current salary structure expires.

The NLC president also called for urgent government intervention to cushion the impact of inflation, stressing that the current economic situation has not improved for workers.

He said soaring fuel prices had worsened the hardship, impacting transportation, food prices and the overall cost of living.

“We expressed concern when global developments began to impact fuel prices locally and called for action.

“The situation has not improved and the burden on workers continues to increase,” he said.

Ajaero stressed the need for Nigeria to develop a resilient energy policy that reduces vulnerability to external shocks.

“It is not ideal that events in other parts of the world automatically translate into difficulties in Nigeria.

“We must build a system that protects our economy and our citizens,” he said.

On pensions, Ajaero said concerns were emerging about the multiplicity of pension unions, which had created confusion within the system.

He said the NLC has written to stakeholders and is working to convene a meeting to clarify the issues and ensure proper coordination.

“Now there are different pension groups and this creates ambiguity. We are engaging them to understand what is at stake and find common ground,” he said.

He said the Congress will seek clarity on deductions and remittances of checking dues among pensioners.

On the upcoming Labor Day, Ajaero said any planned protests would not be nationwide but limited to states that have yet to fully implement the approved minimum wage.

“Street protests, if there are any, will take place in states that have failed to implement the minimum wage.

“It’s not a general protest across the country,” he said.

He added that most states have complied, but noted that some have yet to fully implement the policy, particularly at the local government and education sector levels.

According to him, there are also problems related to consequential adjustments, with some states paying only the minimum wage without adequately adjusting other wage structures.

“These are technical issues that need to be addressed. We will evaluate the level of compliance before May Day,” he said.

Ajaero reiterated the NLC’s commitment to continue advocating for policies that improve workers’ well-being and ensure economic stability.

He commended the federal government for the review of special allowances and 100% duty pay for civil servants, and hoped it would be implemented effectively.