Nigeria Labour Congress (NLC) President Joe Ajaero has warned that increasing the minimum wage to N1 million could lead to the collapse of the Nigerian economy.
He gave the warning during an interview on Channels Television on Thursday while speaking about ongoing discussions between the NLC and the Federal Government over a possible minimum wage review.
According to Ajaero, the focus should not be on increasing workers’ salaries alone but on tackling the rising cost of living and improving the purchasing power of the naira.
He explained that the government must first deal with the major factors making goods and services expensive before considering a higher minimum wage.
“N1,000,000 minimum wage will collapse the Nigerian economy,” he stated.
His warning comes after the Federal Government recently approved a N70,000 transport allowance for workers as Nigerians continue to face rising fuel prices and the growing cost of living.
