Fakoyejo OlalekanThe Minister of Labour and Employment, Chris Ngige, has hinted that the Federal Government will raise the minimum wage of workers due to the rate of inflation that has eroded the value of the N30,000 wage.
In December 2019, when the minimum wage of N30,000 took effect, inflation rate was 11.98 percent, however it has almost doubled, raising to 20.52 percent.
Ngige admitted that the federal government understands the N30,000 minimum wage has depreciated, and no longer worth the value it held two years ago.
“Yes the inflation has increased worldwide and it is not confined to Nigeria, that is why in many jurisdictions, it is an adjustment of wages right now.
“As the Nigerian government, we shall adjust in conformity with what is happening in wages.” The Minister of Labour and Employment said during public presentation of the NLC of 40 publications titled, ‘contemporary history of working-class struggles’
Ngige further stated, “More importantly, the 2019 national minimum wage act, right now has a clause for the review, which we started then, I do not know whether it is due next year or 2024.
“But before then, the adjustment of wages will reflect what is happening in the economy, just as the government has started the adjustment with the Academic Staff Union of Universities (ASUU).” He said
The President of the Trade Union Congress (TUC), Festus Osifo, also stated that, “The value of the N30,000 minimum wage has been eroded. It cannot take workers to work again.”
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