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.

Shehu Alimi Foundation For Peace And Development     Oba-Solagberu     Owo Arugbo     Durosinlohun Atiku     Isaac Gbenle     Aliyu Salihu     James Ayeni     KWSIEC     Muritala Awodun     Agboola Babatunde     Bashir Badawi     Abdulsalam A. Yusuf     IESA     Kale Bayero     Abdulrazaq Solihudeen     Lawal Jimoh     Oluwatoyin Lukman     Suleiman Mora Omar     Osuwa     Aisha Gobir     Olatunde Olukoya     Okiki     Yinka Aluko     Matthew Babaoye     Ayotunde Emmanuel Alao     Assayomo     Bisi Oyeleke     UITH     Oko Erin     UNILORIN Alumni Association     General Tunde Idiagbon International Airport Ilorin     Esuwoye     CUTI     Sadiq Buhari     CCT     Aasiyat Bello Oyedepo     Borgu     Ayo Adeyemi     Ayegbeni     Haruna Tambiri Mohammed     Taibat Ayinke Ahmed     David Oyepinola Adedumoye     Patigi Regatta     Kwara Consultative Forum     Ahmed Bolaji Nagode     Sola Saraki Educational Foundation     Sheikh Alimi     Ishola Balogun Fulani     Senate Presidency     Kwara     Jimoh Lambe Abdulkareem     Aliyu Olatunji Ajanaku     Na\'Allah     Kwara Teaching Service Commission     Emir Of Shonga     Erubu     Baba Adini Of Kwara State     Onilorin Of Ilorin     Jimoh Saadudeen Muhammed     Saka Adeyemo     Ali Ahmad     Saka Abimbola Isau     Sambo Murtala     Yoonus Lawal     Umar Gunu     Yomi Ogunsola     Aisha Buhari     Samuel Adaramola     Labaeka     Ilorin Water Reticulation     Mohammed Ghali Alaaya     Tescom.kwarastate.gov.ng     Issa Oloruntogun     Abdulrahman Abdullahi Kayode     Kamaldeen Ajibade     ASUU     Ilorin Talaka Parapo    

Cloud Tag: What's trending

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

Kwha.gov.ng     Yemi Osinbajo     SWAN     School Of Nursing     Ajidagba     Oba Mogaji Abdulkadir     Eghe Igbinehin     IFK     Halimah Perogi     Oni Adebayo     Na\'Allah     Olaiya Lawal     Oke-Ode     Abdulquowiyu Olododo     Rabiu Kwankwaso     Babatunde Idiagbon     Jide Oyinloye     Ayo Opadokun     Park     Earlyon Technologies     National Broadcasting Commission     Abdul-Rahoof Bello     Valsolar     Saka Saadu     Bolaji Nagode     Moses Rahman Popoola     Apata Ajele Secondary School     Ojuekun Sarumi     Afeyin-Olukuta     Baboko Primary School     Gbenga Adebayo     Junior Secondary School Certificate Examinations     Elerinjare     Modibo Kawu     Mahee Abdulkadir     FOMWAN     Societe Generale Bank Of Nigeria     Quareeb     GGDSS Pakata     Kwara Volleyball Association     Christian Association Of Nigeria     Imam Gambari     Lanre Issa-Onilu     Sarakite     Bayo Ojo     Tayo Awodiji     Eleyele     Smart School     Paul Olawoore     Talaka Parapo     Olukotun Of Ikotun     Ganiyu Taofiq     Olubukola Kifayat Adedeji     Osuwa     Public Holiday     Old Oyo     Ekweremadu     Mubarak Oladosu     07039448763     Suleiman Rotimi Iliasu     Simeon Ajibola     Yeketi     NITDA     Anilelerin     Tsaragi/Share     Jaigbade Alao     Bello Abubakar     Saka Isau     Oyun     Apaokagi     Turaki Of Ilorin     Razaq Ayobami Akanbi     Muritala Olarewaju     NFAI     Titus Ashaolu     Abdulganiyu Salahudeen     Bilikisu Gambari