The President of the Nigeria Labour Congress, Joe Ajaero, has explained why a N1,000,000 minimum wage would collapse the Nigerian economy.
He disclosed this during an interview on Channels Television on Thursday.
Ajaero said that while the NLC and the Federal Government were in talks over a minimum wage review, the real issue was to reduce the cost of living and boost the purchasing power of the country’s currency.
Ajaero stressed that the government must first address the underlying factors driving the high cost of living and strengthen the purchasing power of the country’s currency.
“N1,000,000 minimum wage will collapse the Nigerian economy,” he stated.
GISTSMATE MEDIA earlier reported that the Federal Government has approved a N70,000 monthly transport intervention for public service workers across all levels for six months, beginning in November 2026, to cushion the impact of rising living costs.
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👉 JOIN GISTSMATE WHATSAPP CHANNELThe approval was one of the resolutions reached at a conciliation meeting between the Federal Government and the leadership of the Nigeria Labour Congress in Abuja on Tuesday, following renewed pressure from organised labour over the cost of living, workers’ welfare and outstanding agreements.
The government also approved the payment of peculiar allowance arrears, effective from May 1, 2026, in three equal monthly instalments beginning in November.
However, the parties failed to agree on the effective date for implementing the national minimum wage, although they agreed that the Minimum Wage Negotiation Committee would be constituted and commence meetings immediately.
The resolutions were contained in a memorandum of understanding signed at the end of the meeting by the Director-General of Budget, Timi Yakubu; NLC President, Joe Ajaero; the Permanent Secretary, Service Welfare Office, Office of the Head of the Civil Service of the Federation, Dr Garba Abdul S.U.; and the Minister of Labour and Employment, Dr Muhammad Maigari Dingyadi.
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