₦1m salary meaningless without stable Naira – NLC

This Video Is Trending Right Now →

By Boluwatife Oshadiya

Key Points

• NLC says ₦1 million salary holds little value amid currency instability
• Inflation continues to erode workers’ purchasing power
• Minimum wage review must follow legal process, not political timelines
• Fuel price surge worsening cost-of-living crisis
• May Day protests may target non-compliant states

Main Story

The Nigeria Labour Congress (NLC) has stated that a monthly salary of ₦1 million would be largely ineffective in improving workers’ welfare without a stable naira and broader economic stability.

NLC President, Joe Ajaero, made this position known during an interview with the News Agency of Nigeria in Abuja, stressing that organised labour is more concerned with the real value of wages rather than nominal increases.

According to him, persistent inflation and exchange rate volatility have significantly weakened purchasing power, leaving workers struggling to meet basic needs such as food, transportation and housing.

“Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value,” Ajaero said. “What we are looking for is a currency that can sustain workers and their families at least to the end of the month.”

Nigeria’s inflation rate has remained elevated in recent years, driven by factors including fuel subsidy removal, currency devaluation and supply-side constraints, all of which have compounded pressure on household incomes.

Ajaero emphasised that discussions around a new national minimum wage must adhere strictly to statutory procedures. He noted that wage negotiations are governed by law and tied to a defined review cycle, warning against attempts to politicise or fast-track the process.

“The minimum wage has not been negotiated yet. It is a process that must follow the law… It cannot be rushed because of election timelines,”

What’s Being Said

The NLC President also called for urgent government intervention to mitigate the impact of inflation, noting that recent increases in fuel prices have intensified economic hardship.

“The situation has not improved and the burden on workers continues to increase,” he said, adding that global shocks should not automatically translate into domestic economic distress.

He further advocated for a more resilient national energy policy capable of insulating Nigeria’s economy from external disruptions.

On pension administration, Ajaero raised concerns over the proliferation of pension unions, which he said has introduced confusion into the system. He disclosed that the NLC is engaging stakeholders to address issues around coordination, deductions and remittances.

Regarding the upcoming Workers’ Day, Ajaero clarified that any protests would be limited to states yet to fully implement the approved minimum wage.

What’s Next

The NLC is expected to assess compliance levels across states ahead of May Day, particularly in local government and education sectors where implementation gaps persist.

The congress also signalled continued engagement with the Federal Government on wage adjustments, inflation control measures and broader economic reforms aimed at restoring real income value for Nigerian workers.