Nigerian workers: Beware of the poisoned chalice called ‘new minimum wage’

Since I became conscious of labour activism during my secondary school days, back in the 90s, agitation for pay rise by the organised labour is one recurring decimal that has characterised employee-employer relations in the Nigeria industrial landscape. At the imminent risk of being e-lynched, this week I have chosen to write on this topic with a slant that I know would definitely not sit well with most Nigerian workers, especially those in the public sector.

So, the lowest hanging fruit by way of a response from the organised labour is to demand for a “pay rise”. But if history is to be our guide, then I would say, it has not, yielded, and would never yield, the needed result. Rather, it precipitates further inflation – a more ferocious one at that, as soon as it is announced. Its implementation means, too much money would be in circulation, chasing too few goods – Demand-pull inflation.

The irony of the whole thing is that, most of the beneficiaries of the loan schemes, intended to boost food production, stimulate commercial activities in the country were diverted to, either, marrying additional wives, or embarking on pilgrimages and other frivolous and non-economic ventures. Furthermore, the loans were given out without the due process of “Credit Risk Evaluation” . There was no profiling the applicants to determine their credit worthiness, and by extension, their eligibility.

That reminds me of a debate I had with my mother – then a teacher, , when former President, Olusegun Obasanjo, increased the minimum wage to ₦5,000. The old woman was rejoicing and praying for Baba Iyabo, emphasising how humongous the amount was, in her eyes. ₦5,000, and how long a way it would go in catering for the needs of the family.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oxford University engages Nigerian agencies, others on parenting challenges in NigeriaThe workshop was part of a project funded by the Global Partnership to End Violence Against Children (GPEVAC) through the Government of Japan.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Nigeria, Pakistan brainstorm on challenges, opportunities for Nigerian NavyThe robust relationship between the Nigerian Navy and its Pakistani counterpart has resulted in Nigeria's Chief of Naval Staff,
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Nigerian Police Spokesperson: Cross-Dressing Not an Offence in NigeriaThe Nigerian police spokesperson, Muyiwa Adejobi, has stated that cross-dressing is not considered an offence in Nigeria. This comes after the introduction of a bill prohibiting cross-dressing by the House of Representatives.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Japa: Nigerian nurses ask court to stop implementation of new NMCN guidelinesEight nurses have dragged the Nursing and Midwifery Council of Nigeria, NMCN, and the Minister of Health to the National Industrial Court, Abuja, over a new circular stipulating new certificate verification guidelines for nurses. The News Agency of Nigeria, NAN reports that the NMCN had on Feb.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

FG's new oil, gas policy will attract investments, says Nigerian Gas AssociationNigeria's independent online newspaper
Source: thecableng - 🏆 2. / 80 Read more »

Diaspora Studies: Nigerian university appoints director for new centreThe statement added that the new centre has also been granted a building infrastructure to the tune of N1 billion by TETFund.
Source: PremiumTimesng - 🏆 3. / 78 Read more »