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.

Mubarak Oladosu     Agbarigidoma     Kunle Suleiman     Fatima Abolore Jimoh     Mahmud Ajeigbe     Ethical College     Alimi Abdulrazaq     Saliu Alamoyo     Niyi Ogundiran     Moro     Academic Staff Union Of Universities     Basit Olatunji     Curfew     Oba Mogaji Abdulkadir     Elections     Stephen Fasakin     Special Agro-industrial Processing Zone     Abiodun Abdulkareem     Presidential Election     Economic And Financial Crimes Commission     Hamidu Olowo     Opaleke Bukola Iyabo     Olaosebikan     Segun Adeniyi     National Information Technology Development Agency     Kwara University Of Education     Akanbi-Oke     Kwara     Adeniyi Ojo     Tunde Oyawoye     Aliyu U. Tilde     Isiaka Alikinla     Omoniyi     Galadiman Ngeri     Ilorin Airport     Bola Sagaya     Abdulkarim Adisa     Issa Oloruntogun     Tayo Alao     LABTOP     Ayo Salami     Oluronke Adeyemi     Abdulsalam A. Yusuf     Ibrahim Agboola Gambari     Iyaloja-General     Saadu Yusuf     Ejidongari     Okin Biscuit     Offorjama     Gobir Organization Foundation     Bello Abubakar     Zulkifli Ibraheem     Victor Gbenga Yusuf     Col. Adedipe     Democracy Day     International Aviation College     Adamu Atta     Ibrahim Kayode Adeyemi     Abdulwahab Oba     Modibo Kawu     Falokun-Oja     Abdulrasheed Lafia     Saka Saadu     Justina Oha     Yunus Oniboki     Jalala     Bayer AG     Sam Onile     Iyabo Dupe Adekeye     Isiaka Danmeromu     Lafiagi     Adegoke Bamidele     07039448763     Coronavirus     Shola Odetundun     Amuda Musbau     Daud Adeshola    

Cloud Tag: What's trending

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

Elelu     Local Government     Sango-UITH Road     Khairat Gwadabe     Turaki     Abdulrazaq Aiyelabegan     Saka Keji     Wole Oke     Iyabo Adewuyi     Baruba     NIPOGA     Michael Ologundea     Agor Market     Kwara State Internal Revenue Service     Young Progressives Party     Abdullahi Adisa Akodudu     Aiyedun     Olajumoke Monsura Gafar     Adam Abdullahi Al-Ilory     Oloriegbe     Sulu Gambari     Elewu     Suleiman Mora Omar     Sheriff Shagaya     MAI Akande     ER-KANG Mining Nigeria Company Limited     Isiaka Gold     IHS     Oloye     Sayomi     Bio Ibrahim     Ibrahim Mashood     Sidikat Akaje     11th Galadima     Joana Nnazua Kolo     Abdulwasiu Bolaji Adeyi     Code Of Conduct Bureau     Seni Saraki     Fareedah Dankaka     Haruna Olawale Sulaiman     Kwara State Sports Commission     Idiagbon     Oluwarotimi Boluwatife Adenike     Edret Sabi Abel     Funmi Salau     Adeleke Ogungbe     Obasanjo     Adeola Abraham     Emir Of Ilorin     Ibrahim Mohammed     Face Masks     FERMA     Eleja Taiwo Banu     Olayinka Jelili Yusuf     Malete     Adesoye College     Samuel Elizabeth Keatswa     Alabe     Sidikat Alaya     Joseph Offorjama     Ezekiel Yissa Benjamin     Osuwa     Isiaka Danmeromu     Shagari     Aliyu Alhassan     Moji Makanjuola     Ilorin East     Falokun-Oja     Adamu Ibrahim Sabi     National Democratic Congress     Sarah Jubril     Alabere     Kabir Shagaya     Tunde Oyawoye     Vasolar     Alfa Modibbo Belgore     Ahmed Ayinla Jimoh