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.

Taofeek Ibraheem     CELF     African Democratic Congress     ANCOPPS     Tsado Manman     Dar-Al-Handasah Consultants     Cassava Growers\' Association     Okin Malt     Sobi Hill     Yahaya Abdulkareem     Kubra Kazum     Alagbado     March 18     Imodoye Writer’s Enclave     Joseph Bamigboye     MAI Akande     Adesina Simon Sodiya     Alabere     Quareeb Islamic Association     Maryam Ado Bayero     Lola Olabayo     Haashim Initiative For Community Advancement     Code Of Conduct     COEASU     Ijakadi     Kwara State Infrastructure Development Fund     Hakeem Idris     Ahmed Alhasssan     Gafaru Olayiwola Olorisade     Kwha.gov.ng     Umar Saro     Magaji Nda     Ilesha-Baruba     Suleiman Alege Kuranga     Eleja     Baaziki Sulaiman     Valsolar     Abdulrahman Iliasu     Federal Neuro-Psychiatric Hospital     Yusuf Aiyedun     Mutawali Of Ilorin     Aremu Odolaye     Ijagbo Health Centre     Paul Olawoore     Muhammed Danjuma     Babs Iwarere     Rapheal Ashaolu     Abdulraheem Olesin     Pacify Labs     Saudat Abdulbaqi     Bola Ahmed Tinubu     Fatimoh Lawal     MMWG     Nurudeen Mohammed     ARMTI     Segun Adeniyi     Jide Oyinloye     Aro Yahaya     Hydroelectric Power Producing Areas Development Commission     Metro Park     CLAY POT     Tunji Folami     Kwara Coalition Of Business And Professional Associations     Shururat Olatinwo     National Broadcasting Commission     Raji AbdulRasaq     Sulyman Age AbdulKareem     Trader Moni     Magaji Are     Muftau Akanbi Oke     Rasheed Jimoh     Abubakar Kawu Baraje     Forgo Battery     Volunteers Of Ilorin Community And The Emirate     Adanla-Irese     Ibrahim Abdullahi     Abdulraheem Yusuf    

Cloud Tag: What's trending

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

Musbau A. Akanji     Dele Belgore     Rasaq Jimoh     Goodluck Jonathan     Ejidongari     Clement Yomi Adeboye     NITDA     SUBEB     Savannah Centre For Diplomacy, Democracy And Development     Javed Khan     Oba-Solagberu     Kwara 2023     Yusuf A. Usman     Medinat Folorunsho Salman     Aliyu Salihu     Sheriff Olanrewaju     Folashade Omoniyi     Salihu S. Yaru     Susan Modupe Oluwole     Abdullahi Dasilva Yussuf     Bisi Oyeleke     Tanke Flyover Bridge     Law School Scholarship     Abdulazeez Arowona     Shuaib Olarongbe     Bolakale Ayo     Adijat Adebiyi     Idris Garba     Okanlawon Musa     SDP     Wahab Issa     Hauwa Nuru     Egbewole     Ilorin Muslim Community     Aliyu Kora-Sabi     Hassan Oyeleke     Jalala     Abdulmumini Jawondo     Arandun     Olabimpe Olani     Ishola Balogun Fulani     Olokoba     Ike Ekweremadu     Wahab Isa     Kwara State Council Of Chiefs     Taiwo Joseph     Owo Arugbo     Gbenga Awoyale     Igbaja     Ilorin South     Yusuf Abdulwahab     Musa Abdullahi     Issa Memunat Moyosore     Idris Amosa Oladipo Saidu     Wole Oke     University Road     Aliyu Muyideen     Offa Descendants Union     Taofik Abdulkareem     Awili Pedro     Bio Ibrahim     Bola Olukoju     Yakubu Dogara     Mamatu Abdullahi     Yusuf Ibitokun Sherifat     Minister     Bareke     Kwara     Share     Taofik Abdulkareem Babaita     Press Release     Jimoh Akani     Akeem Olatunji     Abdulhakeem Adelaja Amao     Ahmed Mohammed Rifun     Lola Olabayo     Riskat Opakunle