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.

Abdulhakeem Amao     Suleiman Mora Omar     Olaiya Zuberu     Taofik Abdulkareem     Balogin Alanamu     Jani Ibrahim     Chief Imam Of Ilorin     Nigeria Governors\' Forum     Funmi Salau     Bashir Adigun     RTEAN     Ibrahim Kayode Adeyemi     Taibat Ayinke Ahmed     Neuropsychiatric Hospital     Ahmed Bolaji Nagode     Laduba     Isiaka Oniwa     Alapansapa     CKNG     Tafida     Salami Adekunle     Abdulrasheed Akogun     Kumbi Titiloye     Ike Ekweremadu     Lawal Arinola Kudirat     Shuaibu Yaman     Leke Ogungbe     Smart School     Samuel Elizabeth Keatswa     Ajasse-Ipo     Ahmad Olanrewaju Belgore     Kudirat Arinola Lawal     Elections     Sango-UITH Road     KWSIEC     Sarah Jubril     Aminat Omodara     Mohammed Lawal Bagega     Kamaldeen Ajibade     Unilorin     Babaita     Soffiyyallah Kamaldeen     Monsurat Omotosho     Azeez Salawu     Oyun     Aliyu U. Tilde     Sun Qing Rong     Amina El-Imam     Student Learning Support Helpline     Eleja Taiwo Banu     Wahab Kunle Shittu     Okin Group     Ali Ahmad     Kisira     Jamiu Oyawoye     Ahmad Uthman     Akeem Olatunji     Ghali Muhammed     Ilorin Anchor Men And Women     Oja-Oba     PharmAccess Foundation     Lotus Bank     Royal FM     Tuesday Assayomo     Ambassador Kayode Laro     Federal Road Maintenance Agency     Biliaminu Aliu     Voices Of Tomorrow     Mufutau Gbadamosi Esuwoye     Ndakene     Funmilayo Isiaka Oniwa     Trade Lenda SME Fair     Islamic Development Bank     MalHub     Erubu Oba Zubair     Aishat Sulu-Gambari     Joshua Adeyemi Adimula    

Cloud Tag: What's trending

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

SWAN     Kwara State Internal Revenue Service     Damilola Yusuf Adelodun     Kabir Shagaya     Tunde Mukaila Mustapha     Valsolar Consultoria     Dar-Al-Handasah Consultants     Joshua Adeyemi Adimula     Elections     Olabode George Towoju     Olohungbebe     Sabi     Idowu Laro     Elerinjare     Nupe     Ibrahim Jawondo     Owo Isowo     Yusuf AbdulRasheed     Sabitiyu Grillo     Lanre Jimoh     Garba Idris Ajia     Segun Adeniyi     Al-Hikmah Radio     Garba Ayodele Wahab     Moshood Bakare     Sulyman Tejidini     Ishaq Salman     Mufutau Gbadamosi Esuwoye     Ilorin Water Reticulation     Kawu     Otoge     Abubakar B.M     Oba David Oyerinola Adedunmoye     Elerin Of Adanla     Ayinde Oki     TVC Female National Debate     Gwanara     Abdulrazaq Solihudeen     Prince Sunday Fagbemi     Joseph Yemi Ajayi     Bayo Ajia     Umar Ahmed Gunu     Oloye     REO CAKES     Bibire Ajape     Kwarareports     Emir Of Lafiagi     CACOVID     Arandun     SUBEB     Yahaya Seriki Gambari     Olatunji Moronfoye     NSCIA     Lucky Omoluwa     Ibrahim Labaika     Micheal Imodu-Ganmo Road     Abdulmumini AbdulRazaq     Shehu Adaramaja     Ayotunde Emmanuel Alao     Jimoh Lambe Abdulkareem     Abdulganiyu Oladosu     College Of Education     Rotimi Atere     Government House     David Oyerinola Adedunmoye     Ayodele Kuburat Olaosebikan     Dorcas Afeniforo     Abiodun Musa Aibinu     Abdulkareem Alabi     Democracy Day     Osuwa     Soffiyyallah Kamaldeen     Sarafadeen Kayode Akorede     Gabriel Fashanu     Ilorin Likeminds Foundation     Sa\'adu Salahu     Federal Polytechnic Offa