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.

Shonga     Adebara     Olayinka Jelili Yusuf     Ilofa     Oloruntoyosi Thomas     Bashir Badawi     Yoruba     Yusuf Amuda Aluko     Micheal Imoudu     Vasolar-Kwara Company Ltd     Olayinka Oladapo Jogunola     Countryside Emerging Leaders Fellowship     Elelu     Abdulmutalib Shittu     Gbajabiamila     Muritala Awodun     Ndama Al-hassan     Ojuekun     Rafiu Ibrahim     Kwara Consultative Forum     Hassan Oyeleke     Oniye     Gaa Olobi     Muhammed Danjuma     Sa\'adu Gambari     Mazars Consulting     Oye Tinuoye     AbdulHakeem Ajibola Akanbi     Plat Technologies Limited     Rueben Parejo     Katibi Ibraheem Adeola     Kwara NIPR     Abdulbaqi Jimoh     Orire     Abegunde Goke     S.O. Opowoye     Abdul-Rahoof Bello     Kwarareports     Kassim Babamale     Temi Kolawole     Transition Implementation Committee     Segun Ogunsola     Sulaiman Gado     Lawal Arinola Kudirat     Kishira     Sabi     Barakat Community Secondary School     Ilorin Amusement Park     Sulu Babaita Isiaka     Timothy Akangbe     Baba Adini Of Kwara State     Babata     Aminu Ado Bayero     Makama     Bamikole Omishore     Mary Kemi Adeosun     David Oyedepo     Saliu Ajia     Lai Gobir     Ope Saraki     Elerin Of Adanla     KWSUED     08001000100     Kehinde Baale     Imam Gambari     Kwasu     National Pilot     Victor Gbenga Yusuf     Tafida Of Ilorin     Babatunde Ishola Babaita     Pategi     Ayodele Kuburat Olaosebikan     Jide Ashonibare     Najim Yaasin     Moses Rahman Popoola     Olatunde Oyeyiola     Omotoso    

Cloud Tag: What's trending

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

A.O. Belgore     Oniye     Gbemi Saraki     Funmilayo Braithwaite     Chemiroy Nigeria Limited     Laduba     Adesoye College     Adama Isa     Salihu S. Yaru     Alumni Association Of The Federal Polytechnic Offa     Olota Of Odo-Owa     Titus Ashaolu     Shehu Salau     Old Oyo     Royal FM     Olomu     3MTT     Awili Pedro     ASMAU PLAZA     Ali Ahmad     Sango-UITH Road     Sulu Babaita Isiaka     Funmilayo Oniwa     Abdulquawiy Olododo     Women For Change And Development Initiative     Toyosi Thomas     Ajia-Bako     Ganmo Electricity Sub-Station     Ayinde Oki     Economic And Financial Crimes Commission     Elese Of Igbaja     Offorjama     National Information Technology Development Agency     Ibrahim Agboola Gambari     Ibrahim Mohammed     Transition Implementation Committee     08001000100     Usman Rifun     Abdulhakeem Amao     Oba Abdulraheem     Riskat Opakunle     Yusuf Amuda Gobir     Student Learning Support Helpline     Assayomo     Sardauna     Ilorin Anchor Men And Women     Akume     Kola Olota     Sa\'adatu Modibbo-Kawu     Falokun-Oja     Kwara South     Omotoso     Kwara TV     Farouk Salim     Yusuf Olaolu Ali     Alabi Lawal     Ilorin Emirate Stakeholders Forum     Gbugbu International Market     Ilorin Like-Minds     Hajj     Kuliyan Geri     National Union Of Road Transport Workers     New Nigeria People’s Party     CCT     Imodoye Writer’s Enclave     MAI Akande     Tunde Kazeem     Ilorin Innovation Hub     Oko     Ebun-Olu Adegboruwa     Zainab Abass     Oladimeji Thompson     Government High School Adeta     Oko Erin     Kumbi Titilope     Allocation     Kwara State Polytechnic