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.

Presidential Election     Lola Ashiru     Olatunde Olukoya     Abdulrazaq Sanni     Abubakar Abdullahi Bata     Hydro-electric Power Producing Areas Development Commission     Rafiu Ajakaye     Ministry Of Women Affairs And Social Development     Adama Isa     Road Transport Employers Association Of Nigeria     Gbugbu     Alumni Association Of The Federal Polytechnic Offa     Charles Ibitoye     V.O. Abioye     Olaitan Buraimoh     National Broadcasting Commission     Abubakar B.M     Okasanmi Ajayi     Halimah Perogi     Sunday Otokiti     Abegunde Goke     Umaru Saro     Flights To Ilorin     Adeniyi Ojo     Goodluck Jonathan     Yakubu Gobir     Ghali Alaaya     Muhammad Fawaz Abubakar     Gbugbu International Market     Musbau A. Akanji     Olabanji Orilonishe     Yahaya A Paniyaro     Khairat Gwadabe     Muhammad Mustapha Suleiman     Owo Arugbo     Muslimah Entrepreneurship Forum     Mohammed Lawal Bagega     Oro Grammar School     Salami Adekunle     Senate     Yusuf Zulu-Gambari     SSA Youth Engagement     Sulyman Buhari     Mohammed Yisa     Shola Odetundun     Aishat Sulu-Gambari     Mumeen Lah     Chief Imam Of Omu-Aran     Yusuf Olaolu Ali     Olayinka Jelili Yusuf     Najim Yaasin     Oluwatoyin Lukman     Eleja     NAWOJ     Facemasks     Yusuf Babatunde Abdulwahab     Segun Olawoyin     Kwara State Television (KWTV)     NULGE     Tinubu Legacy Forum     Oluwarotimi Boluwatife Adenike     Amuda Bembe     Yusuf Ali     Mohammed Abdulahi     Abdulganiyu Salahudeen     Kisira     Simeon Sule Ajibola     Y.A. Abdulkareem     Siddiq Adebayo Idowu Salawu     KWSIEC     Al-Ilory     Shettima     Abdullahi Samari     Asa     Oja-Oba     Ibrahim Mashood     Oyeyemi Olasumbo Florence    

Cloud Tag: What's trending

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

Onilorin Of Ilorin     Omoniyi Ayinla     Olubukola Kifayat Adedeji     Adamu Attah     Baba Issa     Magaji Nda     Niguel Gallando Marcias     Lateef Ademola Olatunji     Muhammed Akanbi     JUSUN     Government High School Adeta     KwaraLearn     Abubakar Imam     Chikanda     Emir Of Shonga     Galland Marcias     Babatunde Idiagbon     Public Holiday     V.O. Abioye     Owode Market     Abdulmalik Bashir Mopelola Risikatullahi     NIPOGA     Memunat Monsuma     Oba Of Jebba     Rasheed Jimoh     Senate President     Facemasks     Egbewole     C2c@kwarastate.gov.ng     NNPP     Kwara State Football Association     Sardauna Of Ilorin     Summit University     Gamji Members Association     Eleja     Ahman Pategi University     Arik     Neo Mundo Ltd     KWACOBPA     Abdulazeez Arowona     Akeem Olatunji     Okin Group     Adesina Simon Sodiya     T And K FOODS     Oko     Abdullahi AbdulMajeed     Kwara Basketball Association     Anilelerin     Tosin Saraki     Adesoye College     Musa Yeketi     Gbemisola Oguntimehin     Oladimeji Thompson     Abdullahi Saadudeen Alikinla     Jumoke Monsura Gafar     Gani Saadu     Muhammadu Gobir     Okin Biscuits     Sarafadeen Kayode Akorede     Olofa Of Offa     Lukman Oyebanji Fagbemi     Isau     Lanre Issa Onilu     Gobir Organization Foundation     Okedare     Olushola Saraki     Michael Nzwekwe     Chemiroy Nigeria Limited     Joseph Yemi Ajayi     Wahab Femi Agbaje     Wahab Egbewole     Erin-ile     Ademola Kiyesola     Tsaragi     Muhammed Abdullahi     Afolabi-Oshatimehin Adenike Harriet     Abdulganiyu Oladosu