x

Moghalu Recommends ₦75,000 to ₦100,000 Minimum Wage Amid Labour’s ₦100,000 Proposal

Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN), has endorsed the organized labour’s consideration of a ₦100,000 minimum wage for Nigerian workers. This follows the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) repeatedly proposing ₦615,500 and ₦494,000 respectively, citing inflation and economic hardship.

On June 3, organized labour declared a strike over the new minimum wage and increased electricity tariffs for Band A customers. However, the strike was suspended after a meeting with the Federal Government to allow for further negotiation.

In a post on his X handle, Moghalu acknowledged the need for a higher minimum wage but noted that Nigeria’s current productivity levels cannot support the ₦400,000 wage proposed by the NLC. He recommended a more realistic minimum wage range of ₦75,000 to ₦100,000.

Moghalu emphasized that improving productivity through human capital development and better electricity supply is essential. He stated, “In the debates on the national wage in Nigeria, we miss the fundamental point: there is little or no productivity in the economy. If we had a truly productive economy, there is no reason we can’t have the kind of minimum wage of 400 or 500K that Labour wants. But we can’t, because the level of productivity in the economy cannot support it.”

He also highlighted that the minimum wage issue extends beyond government salaries to include the private sector and household staff. Moghalu pointed out the need to avoid a minimum wage that could exacerbate inflation and questioned the productivity and skill level of the average Nigerian worker, which impacts the value they create.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Tinubu To Wike, I’ll Support Livestock Ranches In Abuja

… Commissions Kwali 15-kilometer A2 to Pia Road By Joyce...

JUST IN: NNPCL Hikes Petrol Price to N945 in Abuja, N915 in Lagos

The Nigerian National Petroleum Company Limited (NNPCL) has increased...

JUST IN: Iran Fires Missiles at US Bases in Qatar, Iraq

Iran has launched missile attacks targeting US military bases...

Transfer Update: Al-Hilal increase Osimhen’s contract offer to €160m

Saudi Arabian giants Al-Hilal have reportedly raised their contract...

Annie Macaulay Sparks Speculation with Subtle Jab at 2Baba Idibia

Actress and socialite Annie Macaulay, ex-wife of music icon...

100th NEC: PDP Slams INEC, Declares Tinubu a One-Term President

The Peoples Democratic Party (PDP) has accused the Independent...
spot_img

Related Articles

Popular Categories

spot_imgspot_img