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.

Chief Imam Of Offa     Shao     Tayo Awodiji     Ilorin Metro Park     Kwara State Printing And Publishing Corporation     Ola Falade     Olanrewju Okanlawon Musa     Alabere     Ayobami Akanbi     Sulyman Age AbdulKareem     Isiaka Abdulrazak     Madawaki Of Ilorin     Aliyu U. Tilde     Ilorin Talaka Parapo     Hussein Oloyede     KFA     Raliat AbdulRazaq     Ojuekun Sarumi     Isiaka Oniwa     Arinola Fatimoh Lawal     COVID     NTA Ilorin     CLAY POT     Folorunsho Alao     Abubakar Suleiman     Roheemat Hammed     Asa     Ibrahim Taiwo     Millennium Development Goals     Minister     Oniye     Olokoba Abdullahi Ayinla     Goodluck Jonathan     Ahmed Dankaya     AGF Abdulrazaq     Tunji Oyawoye     Christian Association Of Nigeria     NURTW     Universal Basic Education Commission     Raliat Elelu-Habeeb     Federal College Of Education (Special), Afon     David Oyedepo     Tope Daramola     Jaiz Bank     Kazeem Oladepo     Igbomina     Ajibola Saliu Ajia     MalHub     Tunji Arosanyin     Alabi Lawal     Ilorin Like-Minds     UNIFEMGA     Ashiru     Marafan Shonga     Olaitan Buraimoh     Lukman Adeloyin     School Of Nursing     Ibikunle Ogunleye     Temi Kolawole     KWASSIP     Aremu Bose Deborah     Ilorin     Haruna Olawale Sulaiman     Baba Issa     Apaokagi     Aasiyat Bello Oyedepo     Awili Pedro     Trade Lenda SME Fair     Omu Aran     Road Transport Employers Association Of Nigeria     Muritala Awodun     Muyiwa Oladipo Kanu     Riskat Opakunle     Hassan Taiye Salam     Olatunji Ibrahim     NSCIA     Harrison Osauwagboe    

Cloud Tag: What's trending

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

Summit University     Abdulwahab Ololele     Sola Saraki University     Abdulrauf Aliyu     Ilorin Talaka Parapo     Kwara State Branch Of The National Library     Yetunde Balogun     Hijab     Saheed Popoola     Wahab Egbewole     Yusuf Aiyedun     Mohammed Halidu     Leke Ogungbe     AbdulRasaq Abdulmajeed Alaro     KWASIEC     Awwal Jawondo     Makama Of Ilorin     Elerin Of Erin-Ile     Air Peace     Zubair Folorunsho Erubu     Moremi High School     Raji AbdulRasaq     Akom Construction And Engineering Synergy Ltd     Ayobami Akanbi     Adamu B. Yaqubu     Dar-Al-Handasah Consultants Ltd     Sulaiman Gado     Abdulrazaq Solihudeen     Senior Ibrahim Suleiman     Tescom.kwarastate.gov.ng     Maja     BIR     Adesoye     Yemi Sanni     Ilorin West     Lafiagi     Yemi Osinbajo     Afetu Of Alabe     COVID     Grillo     Maigida     Olaosebikan     Ope Saraki     Michael Nzekwe     Matthew Okedare     Titus Suberu-Ajibola     Erubu Oba Zubair     Kwara State Government     Gabriel Fashanu     Ibrahim Abdulkadir Abikan     Oke-Ode     Mansurat Amuda-Kannike     Apaokagi     Awili Pedro     Michael Nzwekwe     Abdulraheem Yusuf     Apata Ajele Secondary School     ITEM 7     Oko-Erin     Muhammed Mahe Abdulkadir     Salman Alada     Tinubu     Ilorin Curfew     Mahee Abdulkadir     Tsaragi     Students Union Government     Ibrahim Bio     Talaka Parapo     Saka Saadu     Maimunat Oloriegbe     Saliu Alamoyo     Olatunde Michaels     Abubakar Abdullahi Bata     Oba Sulaiman Asude     Oloye     Belgore     March 28