“Insight from Ayodele Akinwunmi on NLC/TUC’s Push for Higher Wages”

Griotreporter interviewed Mr. Ayodele Akinwunmi, the Relationship Manager at FSDH Merchant Bank, Nigeria, about the current salary increase demanded by the NLC/TUC, which has led to industrial action nationwide. The NLC/TUC has firmly insisted on a demand exceeding N400k to mitigate the hardship caused by the current administration’s sudden policies. He addressed the situation and offered potential solutions. Below is his perspective.

“Another minimum wage review is due in Nigeria by law. The current minimum wage of N30k expired in April 2024. Given the current economic situation, where inflation and the exchange rate have together increased the cost of living, Nigerian workers need a wage increase to manage the rising expenses. However, while the government is unlikely to meet the N400k+ demanded by the labour unions, they may agree on an amount between N80k and N100k. Raising the minimum wage will enhance workers’ purchasing power. Although this may cause slight inflation, the inflation rate is expected to decline with increased productivity.”

When asked about the government’s efforts to boost productivity, he replied that government priorities are ensuring stable security, enhancing the transportation system’s efficiency, and expanding basic infrastructure nationwide.

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