‘₦1 Million Salary Has No Value Without Strong Naira’ – NLC President, Ajaero

The Preisdent of the Nigeria Labour Congress (NLC), Joe Ajaero, has said a monthly salary of ₦1 million will not be meaningful to Nigerian workers if the country does not have a stable currency and stronger economy.

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Naija News reports that Ajaero in an interview with NAN on Tuesday in Abuja, said workers are more concerned about the value of the naira than just increases in salary.

According to Ajaero, inflation has continued to reduce what people can actually buy with their income, stressing that workers need is a currency that can sustain them and their families throughout the month.

He explained that rising cost of living has made life difficult for workers, especially in areas such as food, transport, and housing.

He said, “Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value.

“What we are looking for is a currency that can sustain workers and their families at least to the end of the month.”

Speaking on the issue of minimum wage, Ajaero said negotiations have not yet begun, noting that the process is guided by law and follows a fixed timeline.

Ajaero emphasized that organised labour will begin discussions on minimum wage at the appropriate time, ahead of the expiration of the current wage structure.

He also called on the government to urgently address inflation and rising fuel prices, which he said have worsened economic hardship for workers.

The NLC President noted that increases in fuel prices have led to higher transport costs and food prices across the country.

He stated, “It is not ideal that events in other parts of the world automatically translate into hardship in Nigeria.” 

Ajaero also clarified that any planned Workers’ Day action would not be nationwide but limited to states that have not fully implemented the approved minimum wage.