The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has warned that a N1m minimum wage could collapse the Nigerian economy, stressing the need to address the rising cost of living.
Ajaero made the remarks during an interview on Channels Television monitored by The News Chronicle on Thursday.
He said that while the NLC and the Federal Government were discussing a review of the minimum wage, priority should be given to reducing the cost of living and strengthening the purchasing power of the naira.
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According to him, addressing the factors driving inflation and the rising cost of goods and services is crucial to improving workers’ living standards.
“N1,000,000 minimum wage will collapse the Nigerian economy,” he said.
His comments come amid rising fuel prices and the increasing cost of living, following the Federal Government’s recent approval of a N70,000 transport allowance for workers.
