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.

Nurudeen Mohammed     Dairo Kunle Paul     Abdulrazaq Aiyelabegan     Awodun     Abegunde Goke     Olabimpe Olani     Special Adviser On Digital Innovation     Elekoyangan     Nupe     Yakubu Mohammed Abdullahi     Ajayi Okasanmi     Ekiti     Femi Agbaje     Adedipe     Ekweremadu     Abdulfatai Baakini     Kwara State Governor     Gurei     Haliru Yahaya     Kolo     Balogun Fulani     Salihu Ajibola Ajia     Nigeria Governors\' Forum     Dar-Al-Handasah Consultants     Ibraheem Adeola Katibi     Isiaka Danmeromu     Ghali Alaaya     Afeyin-Olukuta     NIRSAL     Babaloja-General     April 11     Oko Erin     Tanke Flyover Bridge     Olatunji Moronfoye     Abdulfatai Ahmed     Lukman Oyebanji Fagbemi     March 28     Abdulquowiyu Olododo     Jimoh Bashir     Ishola Balogun Fulani     Trade Lenda SME Fair     Amina Susa\'a De Ahmed     Olushola Saraki     Jumoke Gafar     Bukola Saraki     Ibrahim Akaje     Smart School     Dunmade     Elections     Shaykh Luqman Jimoh     Kwara State Internal Revenue Service     COVID-19 Palliatives     Amada Jidda     Salmon Babatunde Salmon     Yusuf Ali     S.O. Opowoye     Kwara Hotel     Arca Santa     Anilelerin     Yusuf Arowosaye     Ganiyu Taofiq     Metro Park     Oluwatoyin Lukman     AbdulQowiy Olododo     Tsado Manman     High Court     Habeeb Abdullahi Al-Ilory     Siraj Oyewale     Micheal Imoudu     IDPU     Abdulmutalib Shittu     IF-K     Folajimi Aleshinloye     Dogara     Tosin Saraki     Post-utme     Split Diamond Interchange    

Cloud Tag: What's trending

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

Mahmud Ayinla Giwa     Principal Private Secretary     Afonja Descendants Union     Ibrahim Issa Jetti     Sanitation Exercise     Kwara State Geographic Information Service     Temi Kolawole     Okedare     College Of Education     TVC Female National Debate     Bayo Ojo     Tinubu     Buari Edun     Adegoke Bamidele     Vishvas KOZ Tractors     Yusuf Zulu-Gambari     Malete     Dagbalodo     Yusuf Ali     Folaranmi Aro     Saka Saadu     Ilota     Ado Ibrahim     Kazeem Oladepo     Kamoru Kadiri     Abdulrazaq Solihudeen     Oke-Odo     Bilikis Oladimeji     Ibrahim Akaje     Ajibike Katibi     Emir Of Shonga     Tunde Oyawoye     Adesoye College     Toyin Olayinka Tejidini     Raliat AbdulRazaq     Elerinjare     Alliance For Democracy     Baakini     Yaru     Aliyu Muyideen     PharmAccess Foundation     Hikmah AbdulKareem     Adedipe     Ohoro Of Shao     Imodoye Writer’s Enclave     Abatemi Usman     Playing Host     Ilesha-Baruba     Abdulraufu Mustapha     Abdulsalam Firdaous Amosa     Quranic Recitation Competition     Monthly Sanitation Exercise     Aliyu Salihu     Aliyu Adebayo     Forgo Battery     Suleiman Abubakar     Gambari     Nnazua     Ganiyu Taofiq     Jimoh Akani     Shuaib Olarongbe     Yusuf Arowosaye     Adedayo Yusuf Abdulkareem     Femi Ogunsola     Samuel Elizabeth Keatswa     JMK Construction Company Limited     IsDB     Village Alive Development Association     Muslimah Entrepreneurship Forum     Kwara University Of Education     Fatimoh Lawal     Valsolar Consortium     Salihu Ajibola Ajia     Rotimi Samuel Olujide     Toyin Saraki     Ilorin Emirate Stakeholders Forum     BECE