Chairman of the Labour Party (LP) in Oyo State, Sadiq Atayese, has said that the newly approved ₦70,000 minimum wage for Nigerian workers is not the solution to the economic challenges currently facing the country.
Atayese stated this in an interview with the News Agency of Nigeria (NAN) on Sunday in Ibadan.
According to him, the real therapy for the sustainable cost of living in the country lies in fashioning positive economic policies by the government.
He stated that one major policy issue that could challenge the poor living standard of Nigerians revolved around the exchange rate as a key determinant of fuel cost and, by extension, fuel subsidy.
Atayese said that the government must be intentional in its efforts to fight corruption to a standstill, in addition to the upward review of minimum wage.
According to him, corruption in high places represents more than 90 per cent of corruption cases in Nigeria.
“Will this new minimum wage actually assuage the daily rising costs of foods and services? Can it bring a stable solution to the nation’s economic challenges? The answer is No,” he said.
The LP chairman urged the government to be deliberate about agricultural development and also address issues surrounding effective farming, such as security and adequate funding.
He said that the beneficial effects of these critical issues if properly addressed, would far outweigh a minimum wage of even ₦150,000.
“Labour Party will continue to stand for the wellbeing of the people and development of the society,” he said.
NAN recalls that the Federal Government and labour had, on Thursday, agreed on ₦70,000 as the new minimum wage for Nigerian workers.
NAN also reports that the government had earlier proposed N60,000 which was later raised to ₦62,000, while labour demanded ₦494,000 and later reviewed it downward to ₦250,000.
The labour leaders had, at the end of its meeting with President Bola Tinubu in Abuja on Thursday, said that they agreed to the ₦70,000 offer because of other incentives attached to it.