TUC attributes N435, 500 minimum wage demand to ‘bastardised’ economy

TUC attributes N435, 500 minimum wage demand to ‘bastardised’ economy

The new minimum wage demand rose from N200, 000 a month to N435, 500 because of the economic realities in the country.

The Chairman of the Trade Union Congress, Enugu State, Comrade Ben Asogwa, stated this in Enugu on Thursday in an interview.

Asogwa said the value of naira to a dollar when the N200, 000 was the benchmark had doubled, hence the demand for an increase from the earlier amount requested.

He said, “Let’s face the economic realities. If you look at the present monetary value, and what it was then, you will understand that the increase is in order. We are also trying to make the government understand how bad the economy has become. They should also evaluate what workers in other parts of the world earn compared to Nigeria.

“Nigeria is an importing nation, including importing the finished products of our natural resources exported in raw forms. Those in government have so much bastardised the economy. When we pegged the minimum wage at N200, 000, a dollar was around N700. But today, it is over N1400. The government should realize the injuries it has done to the economy.”

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He said the review of the minimum wage was in accordance to the law, adding that, “By law, the minimum wage is reviewed every five years. It was last reviewed in 2019, hence this year is statutorily the year for another review.”

On how the new minimum wage would impact on non-civil servants, C Asogwa said, “The wage is not only for those who are government workers. The committee constituted for the negotiation comprises representatives of federal, state and the private sectors. It is also noteworthy that the economy revolves around workers’ salaries. When workers are paid well, traders sell better and the value chain continues.”

He blamed the dwindling of the nation’s economy to the removal of fuel subsidy without ensuring that Nigeria’s refineries were optimally functional, government’s inability to stabilize the dollars against the naira, and the country’s lack of production capacities.

He, however, admitted that the proposed N435, 500 new minimum wage is not static as it could be reviewed by the committee currently meeting with the federal government on the matter.

TUC attributes N435, 500 minimum wage demand to ‘bastardised’ economy