Work by Efosa Taiwo
The Nigeria Labour Congress (NLC) is requesting a minimum wage of N400,000, however Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, has stated that the country’s productivity cannot sustain this amount.
This was announced by Moghalu on Tuesday on his official X Twitter.
Bring to mind There was a nationwide walkout by the NLC on June 3 in protest of the proposed minimum wage increase.
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In light of inflation and the current economic crisis, the Trade Union Congress (TUC) and the Nigerian labor force have put forward two separate proposals for a new national minimum wage: N494,000 and N615,500, respectively.
In response to the news, Moghalu stated that the lack of economic production in the nation is the key argument behind the minimum wage.
“The fundamental point: there is little or no productivity in the economy” is being overlooked in the discussions about the national wage in Nigeria, he stated.
A minimum salary of $400,000 or $500,000 per year, as proposed by Labor, would be quite feasible in an economically productive nation. However, this is not feasible given the current state of economic output. Keep in mind that government salaries are not the only ones affected by the minimum wage.
Two million, give or take, are employed by Nigeria’s government. How much money is paid to private sector workers, domestic help, etc., is an even bigger concern.