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.

Afeyin-Olukuta     Magaji Nda     Abdulfatai Ahmed     Turaki Of Ilorin     Elerin Of Adanla Irese     Alagbado     CACOVID     Jumoke Monsura Gafar     Naira Redesign     Shao     Emir Of Kano     Ibrahim Agboola Gambari     Kola Bukoye     Dunmade     Mufti Of Ilorin     Sobi     Kwara United     Hassanat Bello     Aisha Abodunrin Ibrahim     AGILE Programme     Titus Suberu-Ajibola     Olufolake Abdulrazaq     Oloruntoyosi Thomas     Kwabes     Dogara     Fareedah Dankaka     Oluwole Dupe     Idris Garba     Col. Ibrahim Taiwo     Arinola Fatimoh Lawal     Rapheal Ashaolu     IHS     Mustapha Olanipekun     Sarah Jubril     Lanre Badmus     Chief Imam Of Offa     3MTT     Babaloja-General     Ayo Adeyemi     Pakata Development Association     Olusegun Adeniyi     Peter Obi     Mutawali Of Ilorin     Fatimoh Lawal     Marafan Shonga     Afolayan     Idowu Aremu     KW-GIS     Saka Adeyemo     Abdulrasheed Akogun     Alimi     Adam Abdullahi Al-Ilory     Kale Bayero     Hamid Bobboyi     Shehu Raheem Adaramaja     Aishat Mohammed Lawal     Suleiman Rotimi Iliasu     Asiwaju Bola Tinubu     Saduki Lafiagi     Azeez Bello     Neo Mundo Ltd     Deji Ajani     Ahmed Mohammed Rifun     Monkey Pox     Jaiz Bank     Quareeb Islamic Association     Zulkifli Ibraheem     Millennium Development Goals     Michael Nzwekwe     Tafida     Ilorin.Info     Muhammad Fawaz Abubakar     Musa Ayinla Yeketi     Afusat Nike Ibrahim     Photo News     Abdullahi G. Mohammad     Oba Of Jebba    

Cloud Tag: What's trending

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

Aliyu Sabi     Ojo Fadumila     Sardauna     Oja-Oba     Goodluck Jonathan     Yakubu Mohammed Abdullahi     Elerin Of Adanla     Democracy Day     Sa\'adu Salau     Adisa Logun     Oniwasi Agbaye     Alore     Bluenile Associates     Isiaka AbdulRazaq     Esinrogunjo     Egbewole     Oba Of Jebba     Alaro     Tuesday Assayomo     Ilorin International Airport     Mohammed Abduraheem     Abdulwasiu Bolaji Adeyi     Emir Of Shonga     Oloje     Ebun-Olu Adegboruwa     EndSARS     Lanre Issa-Onilu     Onilu     Adamu Ibrahim Sabi     Government High School Adeta     Elections     Islamic Development Bank     Apaola     Saidu Kawu     COEASU     Olokoba Abdullahi Ayinla     Www.Kwarareports.com     Abubakar Baba     Nurudeen Mohammed     Ubandoma Of Ilorin     Henry Olaosebikan     Alabi Olayemi Abdulrazak     Bola Olukoju     Adebara     Offa Poly     Oye Tinuoye     Akom Construction And Engineering Synergy Ltd     Ebola     Abdulfatah Ahmed     Mahmud Babatunde Baker     Owo Isowo     Popo-Igbonna     Kolade Solagberu     Orisa Bridge     Olam Food Ingredients     KWATMA     LAK Jimoh     Sheriff Shagaya     Trade Lenda SME Fair     Ibrahim Sulu Gambari     Hussein Oloyede     Government High School (GHS), Adeta     Sa\'ad Alanamu     Niyi Ogundiran     Abatemi Usman     Adekunle David Dunmade     Adedeji Onimago     Abubakar Suleiman     Alfa Modibbo Belgore     Elewu     Ajibola Saliu Ajia     Federal Road Maintenance Agency     Ajayi Okasanmi     Shehu Raheem Adaramaja     Saheed Alakoso     Association Of Kwara State Online Media Practitioners     Kwara Volleyball Association