NLC Warns Inflation Has Destroyed Value of Workers’ Earnings

The Nigeria Labour Congress (NLC) has warned that a monthly salary of ₦1 million offers little real value to Nigerian workers without a stable naira and broader economic reforms to curb inflation and rising living costs.

NLC President Joe Ajaero made the remark in an interview with the News Agency of Nigeria (NAN) in Abuja, stressing that the real issue for organised labour is not nominal wage increases but the purchasing power of income. He explained that persistent inflation and currency instability have significantly reduced the ability of workers to afford basic necessities such as food, transportation, housing, and healthcare. “Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value,” Ajaero said, adding that what workers need is a currency strong enough to sustain them through the month.

Ajaero also clarified that discussions around a new national minimum wage cannot be rushed or influenced by political timelines, insisting that the process is governed by law and follows a fixed review cycle. According to him, negotiations have not yet officially begun, and the NLC will only engage when the current wage structure is due for renewal. He rejected suggestions that wage talks should be tied to election periods, stressing that the integrity of the process must be protected.

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The NLC president raised concerns over the worsening economic situation, noting that inflation and fuel price increases have intensified hardship for Nigerian workers. He said the removal of fuel subsidies and global economic shocks have significantly raised transportation and food costs, further reducing real incomes. “We raised concerns when global developments began to impact fuel prices locally, and the burden on workers continues to increase,” he said. Ajaero called for urgent government action to stabilise the economy and reduce the impact of external shocks, urging the development of a more resilient energy and economic policy that shields citizens from external volatility.

On pension administration, Ajaero expressed concern over growing confusion caused by the emergence of multiple pension unions and stakeholder groups. He said the NLC has begun consultations with relevant parties to streamline coordination and ensure clarity in pension operations, including deductions and remittance processes. “There are several pension groups now, and this is creating ambiguity. We are engaging them to find a common ground,” he said.

Ahead of Workers’ Day, Ajaero said any planned protests would not be nationwide but limited to states that have failed to fully implement the approved minimum wage structure. He noted that while most states have complied, some are yet to fully implement adjustments, particularly at local government and education levels. He added that issues such as consequential salary adjustments remain unresolved in some states, where workers are being paid the minimum wage without proper restructuring of salary scales. “These are technical issues that must be addressed. We will evaluate the level of compliance before May Day,” he said.

Reiterating the NLC’s position, Ajaero stressed the need for policies that protect Nigerian workers from global economic volatility, insisting that wages alone cannot resolve structural economic challenges. He also acknowledged recent government actions such as the review of peculiar allowances and the approval of 100% duty tour allowance for civil servants, urging full implementation to ensure workers benefit effectively.

NLC Warns Inflation Has Destroyed Value of Workers’ Earnings

Akpabio Declares Jimoh Ibrahim’s Senate Seat Vacant

The President of the Senate, Godswill Akpabio, has officially declared the Ondo South Senatorial seat vacant following the appointment of Senator Jimoh Ibrahim as Nigeria’s Permanent Representative to the United Nations.

Akpabio made the announcement on Tuesday during plenary at the National Assembly in Abuja, informing lawmakers that Ibrahim’s new diplomatic assignment automatically brings an end to his tenure in the Senate in line with constitutional provisions.

According to the Senate President, the declaration became necessary after the upper legislative chamber received formal communication regarding Ibrahim’s appointment to the international diplomatic position.

Akpabio explained that under the Nigerian Constitution, a serving lawmaker cannot simultaneously occupy a legislative seat and hold an executive or diplomatic appointment under the Federal Government.

“The Senate has no option than to declare the seat vacant following the appointment of Senator Jimoh Ibrahim as Nigeria’s Permanent Representative to the United Nations,” Akpabio reportedly told lawmakers during proceedings.

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He subsequently directed the Clerk to the National Assembly to officially communicate the Senate’s resolution to the Independent National Electoral Commission (INEC) to begin the process of conducting a bye-election for the Ondo South Senatorial District.

The Senate President further urged INEC to act swiftly in line with constitutional and electoral provisions to ensure that the people of Ondo South do not remain without representation in the Senate for an extended period.

Under Nigeria’s Electoral Act and constitutional guidelines, INEC is required to conduct a bye-election after receiving official notification of a legislative vacancy from the National Assembly.

Jimoh Ibrahim, a businessman, lawyer, and politician elected under the platform of the All Progressives Congress (APC), represented Ondo South Senatorial District in the 10th Senate before his appointment.

His nomination as Nigeria’s Permanent Representative to the United Nations is being viewed as a major diplomatic and political elevation within the Tinubu administration.

Political analysts say Ibrahim’s exit from the Senate is expected to trigger intense political activity within Ondo State, especially among APC stakeholders and opposition parties preparing for the anticipated bye-election.

The development is also likely to reshape political alignments in Ondo South, one of the state’s key senatorial districts ahead of the 2027 general elections.

Sources within the National Assembly indicated that consultations among political leaders and aspirants have already begun following the official declaration of the vacancy.

The expected bye-election could become a significant political test for both the APC and opposition parties seeking to strengthen their influence in Ondo State.

Akpabio Declares Jimoh Ibrahim’s Senate Seat Vacant

House of Reps Approves Tinubu’s $516.3m External Loan Request

The House of Representatives has approved President Bola Tinubu’s request to secure a fresh external loan worth $516.3 million, paving the way for the Federal Government to access syndicated financing coordinated by Deutsche Bank AG.

The approval was granted on Tuesday during plenary in Abuja following the consideration and adoption of a report presented by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Hon. Abdullahi Rasheed.

According to the report, the exact approved amount is $516,333,007, which will be sourced through a syndicated loan arrangement involving multiple international lenders under the coordination of Deutsche Bank AG.

Lawmakers said the financing package is intended to support critical national development projects and priority sectors of the economy as the Federal Government continues efforts to stabilize public finances and accelerate infrastructure growth.

The committee informed the House that the proposed loan complied with existing debt management regulations and had undergone scrutiny by relevant government institutions, including the Debt Management Office (DMO) and the Federal Ministry of Finance.

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During deliberations, members of the House examined the repayment structure, loan terms, and fiscal implications before eventually adopting the committee’s recommendations without significant opposition.

Sources within the National Assembly said the loan is expected to support projects linked to transportation infrastructure, energy, healthcare, agriculture, and economic reform programmes being implemented by the Tinubu administration.

Although the Federal Government is yet to publicly release a comprehensive breakdown of all projects tied to the facility, officials described the borrowing as part of Nigeria’s broader external financing strategy aimed at addressing infrastructure deficits and stimulating economic growth.

The syndicated financing model approved by lawmakers allows multiple international financial institutions to jointly provide the loan, thereby reducing risks for individual lenders while enabling the borrower to access large-scale funding.

Economic analysts note that syndicated loans are commonly used by governments and large corporations seeking substantial financing for long-term development projects.

The latest approval comes amid growing concerns over Nigeria’s rising debt profile and mounting debt servicing obligations. Recent data from the Debt Management Office showed that Nigeria’s total public debt has continued to increase due to persistent budget deficits, currency pressures, and heavy reliance on borrowing to fund infrastructure and social programmes.

Despite these concerns, supporters of the Tinubu administration argue that strategic borrowing remains necessary to finance critical projects capable of driving economic expansion, improving productivity, and creating jobs.

Government officials have repeatedly maintained that the administration is focused on securing concessional and commercially viable financing arrangements that align with Nigeria’s long-term economic objectives.

The approval also reflects continued cooperation between the executive and legislative arms of government on fiscal and economic policy matters, especially regarding external borrowing and national development funding.

House of Reps Approves Tinubu’s $516.3m External Loan Request