₦1m salary worthless without stable Naira.

The Nigeria Labour Congress (NLC) has stated that earning a monthly salary of ₦1 million would hold little value for workers without a stable naira and improved economic conditions.

NLC President, Joe Ajaero, said the focus of organised labour goes beyond nominal wage increases, stressing that inflation continues to erode workers’ purchasing power. He noted that the rising cost of living has made it increasingly difficult for workers to afford basic needs such as food, transportation, and housing.

According to him, what workers need most is a stable currency that can sustain them throughout the month, rather than higher wages that are quickly diminished by inflation.

He also addressed the ongoing discussions around a new national minimum wage, explaining that the process is guided by law and follows a defined review cycle. He emphasised that negotiations would begin at the appropriate time and should not be rushed due to political considerations.

Ajaero called for urgent government action to cushion the effects of inflation, noting that rising fuel prices have worsened economic hardship, with ripple effects on transportation costs, food prices, and overall living expenses.

He further stressed the need for a resilient national energy policy that would shield the economy from external shocks, warning against a system where global events automatically translate into domestic hardship.

On pension matters, the NLC president raised concerns about the growing number of pension unions, which he said has created confusion within the system. He disclosed that efforts are underway to engage relevant stakeholders to address the issue and ensure proper coordination, including clarifying deductions and remittances of check-off dues.

Regarding the upcoming Workers’ Day, he indicated that any planned protests would be limited to states that have not fully implemented the approved minimum wage, rather than a nationwide action. While acknowledging that many states have complied, he pointed out that challenges remain, particularly in local government areas and the education sector, as well as in the proper adjustment of salary structures.

He reaffirmed the NLC’s commitment to advocating policies that improve workers’ welfare and promote economic stability, while also commending recent efforts to review allowances for civil servants, expressing hope for effective implementation.