Low wages stall economic recovery - Issa Aremu

Date: 2018-11-29

Labour Party, LP, governorship candidate in Kwara State, Issa Aremu, has blamed low wages of workers as a major impediment to the nation's economic growth.

Comrade Isa Aremu Aremu, who is also Vice President, IndustriALL Global Union, African Region, in a statement, called on President Muhammadu Buhari to add his presidential weight to push for a speedy legislation on the newly-negotiated minimum wage of N30,000 for Nigerian workers by the National Assembly.

According to him, prompt payment of salaries and urgent wage increase in both the private and public sectors were the smartest and quickest ways to stimulate the nation's economy. Aremu explained that to "overcome the current economic crisis in Nigeria, workers whose wages buy basic goods and services must not only be paid on time, but must be increased.

"Nigeria cannot overcome recession with the existing miserable pay of workers and pensioners. Wage-led economic recovery is smart economics."

He said Nigerian workers were poorer than their predecessors some 40 years ago when the minimum wage was N125, which was equivalent to $240 in 1981, noting that $240 of 1981 equalled to N70,000 and that in real and nominal terms, workers in 1981 earned more than the current N18,000 minimum wage.

Aremu said: "With Naira devaluation, it has unacceptably fallen to less than $45 in 2018, a quarter of its nominal value in 2016 and less than one percent of its value in 1981, about 40 years ago, worsening income poverty. "For Nigerian economy to recover there must be massive public spending in reconstruction and significantly mass spending by working people through improved wages." He said Central Bank of Nigeria, CBN's communiqué issued after its Momentary Policy Committee, MPC, meeting recently, believed that the proposed increase in the national minimum wage would stimulate output growth due to prolonged weak aggregate demand arising from salary arrears and contractor debt.

He hailed the CBN's reports on the economy, noting that the reports of National Bureau of Statistics, NBS, have shown that weak demand for goods and services is one factor responsible for low capacity utilisation of many private sector companies.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ministry Of Women Affairs And Social Development     Yaman     Women Radio     Igbaja     Joshua Adeyemi Adimula     Abubakar Kawu Baraje     Rashidi Yekini     Kwara Primary Health Care Development Agency     Shonga     SSA Youth     Dele Momodu     AbdulRaheem Ahmad Shayi     School Of Nursing     Nupe     KFA     Idowu Aremu     Joseph Bamigboye     Wole Oke     Ayinke Saka     Oluronke Adeyemi     Vishvas KOZ Tractors     Ahmad Ali     Umar Ahmed Gunu     Edret Sabi Abel     Ibrahim Taiwo     C2c@kwarastate.gov.ng     Muhammed Abdullahi     Abdulrazaq Solihudeen     Okoolowo     PAACO-PCL Consortium     Olomu Of Omu-Aran     Oba Abu     Emir Of Kano     Sobi Hill     Kwha.gov.ng     Lawan     Earlyon Technologies     Amosa     Ilorin Muslim Community     Sola Saraki Educational Foundation     Olayinka Jelili Yusuf     Plat Technologies     Ahmed     Osinbajo     ARMTI     Alore     Dankaka     AIT Ilorin     KWASIEC     Olomu     Abdulrauf Aliyu     Okin Group     ENetSuD     Justina Oha     Damilola Yusuf     Rex Olawoye     Congress For National Consensus     Alabi Lawal     Muslim Media Watch Group Of Nigeria     Mustapha Olanipekun     Imam Gambari     Pategi     Gobir     Kazeem Adekanye     Post Utme     IYA ALFA NLA     Wahab Kunle Shittu     Tayo Alao     Ahman Patigi     Oyin-Zubair     Alabi Olayemi Abdulrazak     Shaaba Lafiagi     Muazam Nayaya     Mukhtar Shagaya     Adesoye     Saka Asiat Ayinke     Oluranti Idowu    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Abubakar Suleiman     Oba-Solagberu     Monthly Sanitation Exercise     Mahmud Babatunde Baker     Ibrahim Agboola Gambari     Oba Abu     Solomon Edojah     Moji Makanjuola     Suwa-Arabs     Bilikisu Oniyangi     NNPP     Iqra Books     Ibrahim Taiwo     AbdulRazaq AbduMajeed Alaro     Akeem Olatunji     Aliyu Adebayo     Babata     Muhammed Aliyu     Halimat Yusuf     Isiaq Khadeejah     Geri-Alimi Split Diamond Interchange     Kwara State Geographic Information Service     Olaitan Adefila     Apaokagi     QuickWin     Nigerian Medical Association     Tanke Road     Taofeeq Olateju     Alagbado     Olusola Saraki     Fatima Abolore Jimoh     Demola Banu     Folorunsho Erubu     Aishat Sulu-Gambari     Aremu Bose Deborah     Garba Dogo     Segun Adeniyi     James Kolo     Sabo-Oke     Razaq Atunwa     Ibrahim Issa Jetti     Playing Host     Micheal Imoudu     Bankole Omisore     Funmilayo Zubair     Ilesha-Baruba     Gurei     Ilorin Talaka Parapo     Afonja Descendants Union     Pakata     Abdulrazaq Adebayo     Royal FM     Jide Ashonibare     Senior Staff Union Of Colleges Of Education     Crystal Corner Shops     Ambassador Kayode Laro     Dagbalodo     Niyi Ogundiran     Kwara State Football Association     Aro Yahaya     Aliyu U. Tilde     Ishaq Abdulkarim     Government House     Yusuf Amuda Gobir     Isiaka AbdulRazaq     Talaka Parapo     CKNG     Omar Bolaji Gambari     Mohammed Halidu     Mahmud Ayinla Giwa     Sa\'ad Alanamu     Joseph Yemi Ajayi     Olupako Of Share     Rice Farmers Association Of Nigeria     NITDA     Abdulfatah Ahmed     Ayinde Oyepitan