NLC President Joe Ajaero has warned that simply raising Nigeria’s minimum wage to ₦1 million could create serious economic problems if the rising cost of living is not addressed first.
Speaking during an interview on Channels Television on Thursday, the Nigeria Labour Congress (NLC) president said the ongoing discussions between labour and the Federal Government should focus beyond increasing workers’ salaries.
Ajaero argued that the major priority should be reducing the cost of living while improving the purchasing power of the naira, noting that higher wages alone would not solve the economic hardship facing Nigerians.
He stressed that the government must tackle the factors driving inflation and the increasing prices of essential goods and services before considering a major wage increase.
According to him, pushing the minimum wage to such a level without fixing the broader economic challenges could have damaging consequences.
“N1,000,000 minimum wage will collapse the Nigerian economy,” he stated.
His comments come amid growing concerns over the rising cost of living and declining purchasing power, as workers continue to demand measures that would make their earnings more meaningful.