Barrister Victor Adewole’s Perspective: Benefits Beyond Salaries.
Griotreporter visited the office of one of the nation’s most dynamic and experienced legal professionals, Barrister Victor Adewole, Principal Partner of Victor Adewole & Co-Victory Chambers, in Oke-Ado, Ibadan, Nigeria. We aimed to hear his thoughts on the ongoing disputes between the government and the combined NLC and TUC, which have partially paralyzed the Nigerian economy due to the government’s abrupt policies under President Ahmed Bola Tinubu. Here is his opinion.
“It is no longer a secret that Nigeria is grappling with severe economic challenges. These issues hinder the nation’s growth, development, and overall well-being. Among these challenges are financial problems, insecurity, and unemployment.
Salary increments are not solutions; they have never been effective solutions for any advanced nation. Although higher wages are crucial for improving living standards, they can also contribute to inflationary pressures, especially in a fragile economy like Nigeria. When salaries rise, disposable income increases, leading to higher consumer spending. However, less than 40 percent of the working class are government civil servants who would benefit from the salary increment. What, then, will be the fate of the remaining 60 percent?
The government should implement the following measures:
a. Enforce policies to minimize the importation of goods. This will support foreign reserves and enhance revenue growth, reducing the gap between the Naira and foreign currencies such as the Dollar, Pound Sterling, and Euro.
b. Promote the exportation of goods from Nigeria.
c. Establish policies for agricultural exploits aimed at food security.
d. Encourage small-scale business development.
e. Prioritise the manufacturing sectors.
f. Strengthen the private sector’s economy and human capacity to absorb the surge in unemployment.
g. Ensure a reliable power supply.
h. Address corruption genuinely.
Once these measures are implemented through appropriate policies and legislation, the salaries of the working class in both government and private sectors can be meaningfully increased. This will then have a significant multiplier effect on the cost of living.”
Views: 151
