Senator Adams Oshiomhole, former Nigeria Labour Congress (NLC) President, has expressed concern over the financial struggles of today’s Nigerian workers, suggesting that their economic conditions are more challenging than those who served the country in previous years.......KINDLY READ THE FULL STORY HERE👈
Oshiomhole, also a former governor of Edo State, questioned the adequacy of the recently announced N70,000 minimum wage, pointing out that when converted to U.S. dollars, the amount is roughly $42.
He voiced his views during a lecture at the National Institute of Security Studies in Abuja, which was part of a distinguished personality series for the Executive Intelligence Management Course 17 participants.
Reflecting on the first minimum wage established under President Shehu Shagari, Oshiomhole noted that the N125 minimum wage back then held a much higher value, approximately $160.
In his lecture titled “National Minimum Wage: Reward System and Productivity in Africa,” he said, “When Minimum wage in Nigeria was established under President Shagari, I think around 1981. It was around N125 which was about $160 a month.
“Today, with the fat increase, 100% increase that the labour achieved last year, which is now being implemented this month, according to our current exchange rate is $42.
“So, if you divide N70,000 by N1,650, it gives you $42. So, the working people are much more poorer now than we were so many years ago. So, this opportunity will depreciate, and that affects the quality of life and everything.”
The former labour leader urged the federal government, along with states generating significant revenue, to consider raising wages beyond the N70,000 minimum threshold.
Oshiomhole also advocated for an amendment to minimum wage legislation to include domestic workers and similar roles, ensuring broader coverage of wage standards.
He said, “But again, if you look at the law in Nigeria, which I hope will be able to amend very soon, although the federal government and the states have agreed on a minimum wage, for example, at 70,000, there are still people who are paying less than that.
“Even under the law, because it says you have to have about 25 to 50 employees minimum for that law to be applicable to a particular enterprise. But with the changing technology, a small ICT company employing 10 people can generate so much turnover. So using the number of employees was appropriate when the economy was more broad-driven not with ICT….READ FULL CONTENT FROM THE SOURCE