The announcement of a 70,000 naira minimum wage by the President Bola Tinubu-led government came as good news for Nigerians, especially the country’s workforce who are the major beneficiaries of this increase.
Sadly, not many people are looking at the negative effects this increase will have on Nigerians, but the Nigeria Labour Congress (NLC), Lagos State, knows better.
The Lagos Council, while reacting to the development said the reviewed National minimum wage of ₦70,000 for civil servants is unsustainable for its workers.
The state council Chairman, Funmi Sessi, blamed state governors for preventing President Tinubu from approving a ₦100,000 wage.
How New Minimum Wage Will Affect Nigerians
But Sessi did not stop there, she also exposed the effect this increase will have on Nigerians.
For months, Nigeria has experienced an inflation like no other.
The high cost of living has gotten to an unbearable level, leaving Nigerians longing for a protest.
Now, with the new minimum wage in place, this heavy burden is expected to be lifted.
But trust Nigerians.
Traders and business owners will speedily increase the price of their goods.
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The NLC in Lagos is fully aware of this, hence, Sessi, has called on the government and other agencies to monitor the market.
In her words: “We want to use this medium to appeal to government and all the agencies to monitor effectively the market forces because those rendering services and goods, this is the time they will be calculating how to increase the no services and goods that they have already increased since last year.”
