Nigerian News

Labour’s N494,000 minimum wage demand will cripple economy – FG

The Minister of Information and National Orientation, Mohammed Idris has said the minimum wage of N494,000 proposed by organized labour is capable of crippling Nigeria’s economy.

Idris made this statement during a press briefing in the Federal Capital Territory while reacting to the Nigerian Labour Congress, NLC and Trade Union Congress, TUC indefinite strike action.

The minister lamented that the N494,000 amount which labour demanded would amount to a N9.5 trillion expenditure burden to the government.

He explained that they had agreed to increase the country’s minimum wage by 100 percent to N60,000 from N30,000 in line with the current economic realities. He, however, frowned at the 1,547 percent proposed increase.

According to him, labour’s N494,000 minimum wage demand will make the federal government downside its 1.2 million workforce which does not portend any good for the country’s economy.

He said; “The sum of N494,000 national minimum wage which Labour is seeking would cumulatively amount to the sum N9.5 trillion bill to the Federal Government of Nigeria.

“Nigerians need to understand that whereas the FG is desirous of ample remuneration for Nigerian workers, what is most critical is that President Bola Ahmed Tinubu will not encourage any action that could lead to massive job loss, especially in the private sector, who may not be able to pay the wage demanded by the Organised Labour”.