Nigeria Labour Congress President Joe Ajaero has declared that a monthly salary of ₦1 million would be essentially worthless to Nigerian workers if the national currency continues its downward spiral and inflation remains unchecked. Speaking in an interview with the News Agency of Nigeria in Abuja, the labour leader emphasised that the NLC is prioritising the real value of the Naira over nominal wage increases that are quickly eroded by the rising cost of living.
According to Ajaero, the steady increase in the prices of essential commodities has made it increasingly difficult for the average worker to afford basic necessities such as food, transportation, and housing. He argued that the numerical value of a paycheck is secondary to its ability to sustain a family through a full month, a feat he suggests is becoming impossible under current economic conditions.
Even if Nigerian workers earn ₦1 million, it will not be meaningful if the Naira has no value, Ajaero stated during the interview. He further explained that the organised labour movement is seeking a currency that can provide genuine sustainability for workers rather than just a higher figure that fails to keep pace with the market reality.
Regarding the upcoming negotiations for a new national minimum wage, Ajaero clarified that the process is governed by specific laws and review cycles. He dismissed suggestions that the process should be rushed due to political timelines or election cycles, insisting that the NLC would initiate negotiations within the legally stipulated window before the current wage structure expires.
The NLC President also took the opportunity to call for urgent government intervention to mitigate the impact of soaring inflation and high fuel prices. He noted that the surge in energy costs has had a devastating ripple effect on the general cost of living. Ajaero urged the Federal Government to develop a resilient energy policy to protect the domestic economy from external shocks and global market volatility.
Addressing concerns about Workers' Day, Ajaero noted that any planned protests would be targeted specifically at states that have failed to implement the current approved minimum wage. He clarified that while most states have complied, some have lagged behind at the local government level or failed to make necessary consequential adjustments to the broader salary structure.
While Ajaero commended the Federal Government for recent reviews of certain allowances, he maintained that the NLC’s primary commitment remains advocating for policies that ensure long-term economic stability and true welfare for the Nigerian workforce.