N1m minimum wage will collapse Nigerian economy — NLC President, Ajaero

The President of the Nigeria Labour Congress, Joe Ajaero, has explained why a N1,000,000 minimum wage would collapse the Nigerian economy.

He disclosed this during an interview on Channels Television on Thursday.

Ajaero said that while the NLC and the Federal Government were in talks over a minimum wage review, the real issue was to reduce the cost of living and boost the purchasing power of the country’s currency.

Ajaero stressed that the government must first address the underlying factors driving the high cost of living and strengthen the purchasing power of the country’s currency.

“N1,000,000 minimum wage will collapse the Nigerian economy,” he stated.

His comments come as the Federal Government recently approved a N70,000 transport allowance for workers amid rising fuel prices and the increasing cost of living.