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.

LEAH Charity Foundation     Ahmad Olayiwola Kamaldeen     SSUCOEN     Alfa Yahaya Road     Yaman     Abdullahi AbdulMajeed     Adamu Attah     CACOVID Palliatives     FOMWAN     Alabere     Oloye     Nigerian Medical Association     Bilikis Oladimeji     Christian Association Of Nigeria     Ayobami Akanbi     Post-utme     Abdulrahman Abdulrazak     Suleiman Mora Omar     Owode Market     Abatemi-Usman     Al-Hikmah University     Onilu     Hassan Taiye Salam     Bukola Ajikobi     Oba Sulaiman Asude     Vishvas KOZ Tractors     Alaiye     CELF     Muhammad Ghali Alaaya     Titus Suberu-Ajibola     Ibrahim Akaje     Just Law Forum     Abdulfatai Baakini     Oro Grammar School Old Students Association     Bashir Badawi     Saka Asiat Ayinke     Lanwa     Ayinde Oyepitan     Doyin Awoyale     Aliyu U. Tilde     Kwara South     Abdulmumini Sanni Jawondo     JSSCE     Offa Poly     Wole Oke     Agboola Babatunde     Suleman Abubakar     Olatunji Moronfoye     Alimi Abdulrazaq     Sherif Shagaya     National Information Technology Development Agency     Umar Danladi Shero     Kwara Apc     Taofeek Ibraheem     Kunle Akogun     SSA Youth     Haliru Dantoro     Ebun-Olu Adegboruwa     Dele Belgore     Tunji Arosanyin     Michael Nzekwe     Alabe     Tescom.kwarastate.gov.ng     Dankaka     Gobir Organization Foundation     Garba Dogo     Abubakar Suleiman     Shuaib Olarongbe     Abdulazeez Arowona     College Of Arabic And Islamic Legal Studies     Omupo     Wahab Agbaje     KWACOBPA     Mujtabah Bature     Olayinka Olaogun     Oni Adebayo     Bolaji Abdullahi    

Cloud Tag: What's trending

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

Muslim Cementary     Odogun Olushola Gabriel     Abubakar Ndakene     Adewuyi Funmilayo     Yaru     Opolo Global Innovation Limited     Olomu Of Omu-Aran     Muhammed Danjuma     Amuda Aluko     Hussein Olokooba     Moro     Muhammed Aliyu     Ganmo Electricity Sub-Station     Student Learning Support Helpline     Roheemat Hammed     Kayode Ishola     Obayomi Azeez     Tunji Arosanyin     Nigerian Supreme Council For Islamic Affairs     Usman Alkali Baba     Kola Ologbondiyan     Aisha Ahman-Pategi     Adedipe     Isapa     Gani Saadu     Alimi     Ilorin South Constituency     Kunle Suleiman     Ilorin Metro Park     Yahaya Dumoye     Photo News     Ethical College     Simon Sayomi     TVC Female National Debate     Saba Jibril     Convocation Ceremonies     Bayo Onimago     Afetu Of Alabe     Abdulmumin Yinka Ajia     College Of Health     Umar Danladi Shero     Dauda Adesola     Ahmad Olayiwola Kamaldeen     Muhammadu Buhari     Kwara Polytechnic     Yakubu Danladi     Reuben Paraje     Kwara State Football Association     Samari     Kamaldeen Gambari     Women For Change And Development Initiative     Abdulquawiy Olododo     Sola Saraki University     Lucky Omoluwa     Durosinlohun Kawu     Plat Technologies Limited     PPS     AbdulRazaq Abubakar Jiddah     Olushola Saraki     AbdulGaniyu Kareem     Olatunji Ibrahim     Abdullahi Samari     Igbomina     Olatunde Michaels     Sabi     Micheal Imodu-Ganmo Road     Bilikisu Oniyangi     Hassan Oyeleke     Ajia-Bako     Bola Ahmed Tinubu     Yahaya Jibril Usman     Kawu Baraje     Christopher Ayeni     TESCOM 2025     Yekini Adio     Rice Farmers Association Of Nigeria     Jaigbade Alao