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.

Abdullahi Biffo     Salman Jawondo     Iyabo Dupe Adekeye     Imodoye Writer’s Enclave     Gamji Members Association     Binta Sulyman     Rotimi Oyedepo     Chief Imam Of Omu-Aran     Alfa Modibo Belgore     Ballah     Fatai Adeniyi Garba     Madawaki     Kwarareports.com     Saad Omo Iya     Ishak Mohammed Sabi     Isiaka Rafiu Mope     Saka Balikis Kehinde     Woro     Pius Abioje     Muritala Olarewaju     Ajike People Support Centre     Share     Muhammad Fawaz Abubakar     NSCIA     Modibo Kawu     Okin Group     Adolescent Girls Initiative For Learning And Empowerment     Yusuf Abubakar     Joseph Daudu     Yemi Sanni     School Of Nursing     Amina El-Imam     Muhammad Akande Olarewaju Odunade     CT Ayeni     Ganiyu Abolarin     Yakubu Shaaba     Wahab Egbewole     Ridhwanullah Al-Ilory     David Adesina     Doyin Awoyale     Prince Sunday Fagbemi     Funke Adedoyin     Ileloke     Gbenga Awoyale     Sa\'ad Alanamu     Kwara Apc     Christian Association Of Nigeria     Muslimah Entrepreneurship Forum     Haashim Initiative For Community Advancement     BECE     Sabo-Oke     Afonja     Saliu Shola Taofeek     Lithium Deposit     Alfa Yahaya Road     Abdulmumini Jawondo     Muyideen Ajani Bello     Olomu     AbdulRazaq AbduMajeed Alaro     Kwara Metro Park     Opolo Global Innovation Limited     Abdulrahman Abdulrasaq     George Innih     Abdulrahman Iliasu     Buhari     Abdullahi Samari     Jamiu Oyawoye     Iponrin     Baba Issa Awoye     Moji Makanjuola     Yahaya A Paniyaro     Ahmad Olanrewaju Belgore     Abdulrahman Abdulrasak     Femi Gbajabiamila     Femtech     Nurudeen Muhammed     National Pilot    

Cloud Tag: What's trending

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

Babatunde Idiagbon     Mahmud Durosinlohun Atiku     NaAllah     Saka Balikis Kehinde     Ballah     Haleeman Salman     Taofeeq Olateju     Transition Implementation Committee     JAAC     TESCOM 2025     Ayobami Seriki     Elese Of Igbaja     Abubakar Olusola Saraki     Kwara Poly     Just Law Forum     Tope Daramola     Eleja Taiwo Banu     Ilorin.Info     Olosi Of Osi     Mopelola Abdulmaliq-Bashir     Kwara Teaching Service Commission     Ghali Alaaya     Niguel Gallando Marcias     NSCIA     Abdullahi Adisa Akodudu     Esinniobiwa Quareeb     ENetSuD     Kehinde Boyede     Oyelere Oyinloye     Ibraheem Abdullateef     Shettima     Sulyman Age AbdulKareem     Zulu Gambari     Yinka Aluko     Kazeem Adekanye     Muhammad Fawaz Abubakar     John Obuh     Amina El-Imam     Shonga Farm Project     Amina Susa\'a De Ahmed     Ariyo     Bature Bello     Mohammed Jimoh Faworaja     Kemi Adeosun     George Innih     Kayode Ogunlowo     Oke-Ero     Lanre Aremu     NIPOGA     Rafiu Ibrahim     Mahfouz Adedimeji     Abdulfatai Baakini     Simeon Ajibola     Ella Supreme Tissue Paper     Abdullahi Atanda     Erubu Oba Zubair     Lanre Issa Onilu     Oro Grammar School     Ekweremadu     Afetu Of Alabe     Olayinka Olaogun     Alfa Belgore     National Union Of Road Transport Workers     COVID     Galland Marcias     COVID-19 Palliatives     Aliyu Sabi     Kwara State Football Association     Muslim Cementary     Isiaka AbdulRazaq     Aisha Abodunrin Ibrahim     Ilorin East/South Federal Constituency     Mohammed Ghali Alaaya     KWSUED     Marafan Shonga     Abdulrazaq Magaji     TVC Female National Debate