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.

Bolaji Abdullahi     Council Of The Wise     Mope Dasuki Belgore     Shero     Kwara State Coalition Of Business And Professional Associations     Abdulmajeed Abdullahi     CT Ayeni     SWAN     Stephen Fasakin     Jumoke F. Ajao     Harmony Holdings     Michael Nzekwe     Kwara Restoration Project     Aliyu Adebayo     Sabitiyu Grillo     11th Galadima     Kwara Hotel     Aro Yahaya     Bolakale Ayo     Idofin     Abubakar Atiku     KWACOBPA     Ayekale     Durosinlohun Kawu     Kazeem Oladepo     Mohammed Haruna     Bello Bature     VADA     Ilorin International Airport     Kwara State Fish Farmers Association     Saliu Tunde Bello     Dankaka     Folaranmi Aro     Oloriegbe     Tunde Oyawoye     Onilorin Of Ilorin     Ike Ekweremadu     Kwara Liberation Group     Saidu Kawu     Ayoade Akinnibosun     Moji Makanjuola     Anilelerin     Innocent Okoye     Umar Ahmed Gunu     Lukman Oyebanji Fagbemi     Government Girls’ Day Secondary School Pakata     Labaeka     LAK Jimoh     Charles Ibitoye     ARMTI     Wole Oke     Dele Momodu     Abubakar B.M     Risikat Lawal     Lanre Aremu     Lanre Issa Onilu     Kolo     Yekeen Alabi     Garba Ayodele Wahab     Saad Omo Iya     Bayo Ojo     Gbajabiamila     TETFUND     Aliyu Sabi     Micheal Imoudu     Aliyu Kora-Sabi     Ajibike Katibi     National Broadcasting Commission     Maryam A. Garuba     Folorunsho Erubu     Chartered Institute Of Personnel Management Of Nigeria     Ladi Hassan     Raliat AbdulRazaq     Dunmade     Radio Kwara     Jimoh Olusola Imam     Saheed Akinwumi    

Cloud Tag: What's trending

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

Sarkin Malamai     Kupchi Hosea Maxwell     Ike Ekweremadu     Harmony Holdings     Sheriff Shagaya     Fatima Abolore Jimoh     College Of Education     Rafiu Olasile     Abdulfatah Ahmed     Oluwole Dupe     Ahmad Uthman     Gambari     Amasa     Vasolar-Kwara Company Ltd     Toun Okewale-Sonaiya     Revenue Court     Olufolake Abdulrazaq     AbdulKareem Yusuf Danhawa     Academic Staff Union Of Universities     Ilorin Descendants Progressive Union     Abdulganiyu AbdulAzeez     Bankole Omisore     Abubakar Olusola Saraki     Alapado     Tinubu Legacy Forum     Tafida Of Ilorin     NFAI     Col. Ibrahim Taiwo     Ayodele Shittu     Chemiroy Nigeria Limited     Christopher Ayeni     Javed Khan     Curfew     Arik     Owo Arugbo     Umar Sanda Yusuf     Aliyu Salihu     Musa Aibinu     Bayer Nigeria Limited     Tanke     Undergraduate Bursary     Ganiyu Abolarin     Toyosi Thomas     Yakubu Danladi     Kishira     Oro Grammar School Old Students Association     Ademola Kiyesola     Joseph Offorjama     Pacify Labs     Rebecca Bake     Bayo Onimago     Babaita     Zainab Abass     Hikmah AbdulKareem     Saka Asiat Ayinke     Abiodun Jacob Ajiboye     Idris Garba     Isiaka Rafiu Mope     GANZY     Abdulrazaq Magaji     Olusegun Adeniyi     Unicontinental Construction Company     Kunle Akogun     Saduki Lafiagi     Yahaya Oloriegbe     IPSAS     Abdulganiyu Salahudeen     Haruna Tambiri Mohammed     Emir Of Shonga     Kwara University Of Education     Unilorin     Kolawole Akande     Risikat Lawal     General Hospital, Ilorin     Olusola Saraki     Ojuekun Sarumi     Adewuyi Funmilayo