The Nigerian Labour Congress (NLC) recently announced that its proposal of a N200,000 minimum wage to the Federal Government is not feasible, given Nigeria’s current economic state.
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This announcement was made by NLC Vice President, Tommy Etim, in response to the inauguration of the Minimum Wage Committee by Vice President Kashim Shettima on Tuesday.
The committee was inaugurated at the Presidential Villa in Abuja, where discussions were held regarding the state of the Nigerian economy and the feasibility of the proposed minimum wage.
The NLC’s decision to retract its initial proposal was based on the economic realities of Nigeria, which have made it difficult to implement such a significant increase in wages.
However, Etim said: “You are aware that when we opted for the N200,000, the socio-economic challenges were not as biting as they are now.
“And when you now look at the exchange rate, it was not what it is now. The naira rate has not been devalued as it is now. So, N200,000 is no longer tenable.
“We are not going there with a fixed amount, but definitely not N200,000. By the time we get there, we will decide based on the socio-economic situation.
“That’s what we are going to base our national minimum wage discussion and negotiation on.”
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