Chairman of the Nigeria Labor Congress, Joe Ajaero has said the union may decide to demand N1M minimum wage if the foreign exchange rate doesn't reduce.
In a recent interview, the NLC Chairman said the labor union will be forced to demand N1M from the FG as minimum wage if the exchange rate and inflation of goods and services aren't managed. Several weeks ago, the union demanded that the minimum wage be increased to N200,000 by the FG. This was when the exchange rate was about N800 to a dollar.
Ajaero explained that the demand is based on the cost of living index. Foodstuffs are now expensive and the minimum wage remains N30,000 which is not enough for one-week transportation. He said the present minimum wage will expire in April 2024 and the FG is yet to set up a committee to approve the next one.
Ajaero mentioned that some governors are not even paying the existing minimum wage despite having a minister of budget. He added that this may raise setbacks for the implementation of the new minimum wage if care isn't taken.