The Federal Government has issued a warning to organized labor groups regarding the pursuit of a new minimum wage that could trigger mass retrenchment of workers or jeopardize the welfare of about 200 million Nigerians.
Speaking at the opening of the 2024 Synod of the Charismatic Bishops Conference of Nigeria in Abuja on Wednesday, Minister of Information and National Orientation, Mohammed Idris, highlighted the potential economic risks of the N250,000 minimum wage demanded by labor unions.
“The Federal Government is not opposed to increasing wages for Nigerian workers,” Idris stated.
“However, we advocate for a realistic and sustainable wage system that will not undermine the economy or lead to mass retrenchment of workers, thereby jeopardizing the welfare of about 200 million Nigerians.”
The Information Minister emphasized the necessity of a balanced approach to wage adjustments that considers both economic stability and workers’ needs.
He reiterated the government’s commitment to reassessing the minimum wage but cautioned against excessive demands that could disrupt the economy.
“We want labor unions to understand that the relief Nigerians are expecting, and fully deserve, will not come only in the form of an increase in wages,” Idris added.
“Efforts to reduce the cost of living and ensure that more money stays in the pockets of Nigerians are equally crucial.”
Highlighting the Presidential CNG initiative, Idris explained that this program, by replacing or complementing petrol usage with Compressed Natural Gas (CNG), aims to cut transportation costs by as much as 50 percent, thereby alleviating financial pressures on the populace.
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