Unrealistic wage could plunge Nigeria into recession, ex-SDP spokesman warns
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A former National Publicity Secretary of the Social Democratic Party, Alfa Mohammed, on Tuesday appealed to organised labour to rethink its demand for N250,000 as minimal wage, saying it could end in hyperinflation and recession.
Mohammed additionally raised concern that if Labour continues to threaten to paralyse business actions and shut down the nationwide grid once more regardless of warnings from state governors that it’s unsustainable; it’s able to eroding the positive factors made by the present administration previously one yr.
The politician made the plea at a press convention organised by some elder statesmen underneath the aegis of Concerned Nigerian Patriots in Abuja.
PUNCH Online reported that the Nigeria Labour Congress and Trade Union Congress had launched into a nationwide strike to demand an elevated minimal wage for employees and the reversal of the not too long ago elevated electrical energy tariffs.
However, the economic motion was suspended after the labour leaders signed a dedication with the Federal Government to renew negotiations and develop a brand new minimal wage inside per week.
Last Friday, the Tripartite Committee concluded its conferences as each the FG and the Organized Private Sector agreed on N62,000 whereas Labour pegged its demand to N250,000.
But Mohammed insisted that their demand was unrealistic and will result in better financial hardship for the plenty.
He mentioned, “The latest demand for an unrealistic minimal wage by the Nigeria Labour Congress and the Trade Union Congress poses a big danger of plunging Nigeria into one other recession, exacerbating the financial challenges that President Bola Ahmed Tinubu’s administration has been diligently working to beat.
“Their insistence on a minimal wage initially set at ₦605,000, later ₦494,000, and now ₦250,000, is a part of a broader technique to drive the federal government into adopting an economically unfeasible coverage. Such a wage hike would possible result in extreme inflation, elevated unemployment and better financial hardship.
“Their plan features a complete shutdown of important infrastructure underneath the guise of combating for a dwelling wage, probably crippling the nation’s economic system and disproportionately affecting probably the most susceptible residents. When a authorities is sabotaged, the plenty undergo the implications.
“We urge all Nigerians, especially our diligent workforce, to see through this veil of mischief.”
