Naira devaluation: Nigerian workers demand pay rise

Photo Credit: Vanguard Newspaper

The Trade Union Congress, TUC, has said it will demand wage increase for workers in the New Year following the devaluation of the naira by the Central Bank of Nigeria, CBN.

The National President of the Congress, Bobboi Kaigama, disclosed this at the end of the Congress’ National Executive Council Meeting in the early hours of Sunday in Lagos.

Mr. Kaigama said the wage hike had become necessary because the current devaluation had started impacting negatively on Nigerian workers.

He added that “the issue of wage is a dynamic thing. In stabilised economies, wages are directly proportional to the inflation trend of that country.

“So, it is expected that following the devaluation of the naira and its resultant rise in inflation, salaries of workers should automatically be increased too.

“But in this country, even after devaluation of the currency, there will not be any increase in workers’ salary and that is bad.

“The moment devaluation is put in place the prices of goods and services surge, there should be a proportional increase in the workers’ pay.”

He, therefore, said “if the issue on devaluation persist, the Congress will have no option but to enter the New Year with a demand for increase in workers’ pay.’’

The TUC boss added that the fall in crude oil price in the international market should be translated into a fall in the price of refined products in the country.

Mr. Kaigama explained that the price of petrol should be brought down to N50 per litre.

“If government says that the price of crude oil has fallen in the global market, it means that the price of products will also fall in the country.

“If truly we are working with the dynamics of market principles, we expect that the price of products should drop.

“We want N50 per litre for oil,’’ he said.

The union leader said that the delay in the passage of the Petroleum Industry Bill on the floor of the National Assembly would push unions and Nigerians to the wall for a corresponding action.

(NAN)


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:ADVERTISE HERE! CALL 07088095401


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • amazing2012

    One of the consequence of Jonathan economic experts !

  • Samuel Okezie

    Naira has been losing value for decades. As long as we have a heavily skewed trade balance with the rest of the world and import almost everything, the naira will remain under pressure. The small steps we can take is to deepen the campaign for local consumption, increase subsidy on staple food production until they can compete with global prices. All this will involve govt putting in place the right policies but more importantly having a society without the get rich quick mindset.

    • Ojukwu Chukwudi

      Bu you people said you don’t want Buhari, you only want the saviour your brother. Now look at the consequenccy. We are all feeling it.

      • Alcindo Satori

        Buhari knows absolutely NOTHING about economy and economics

        • tundemash

          Yeah right, but he knows how to deal with corruption.

          Tell us exactly what your zoo man knows !

          • Otile

            Abubakar tundemash, no matter happens nobody is going to impose Imam Buhari on us. We cannot afford to suffer Islamization in the name of one Nigeria. The soul is a terrible thing to lose, hell is not for many of us.

          • Otile

            Abubakar tundemash, no matter what happens nobody is going to impose Imam
            Buhari on us. We cannot afford to suffer Islamization in the name of
            one Nigeria. The soul is a terrible thing to lose, hell is not for many
            of us.

        • Ojukwu Chukwudi

          You that know about economics why not contest for presidency. Ok, is that why you voted for GEJ who is a professor of economics right?

  • Chris1408

    Dysfunctional economy and suffering, part of GEJ transformation agenda.

    • Ayo

      Pay increase on dwindling revenues? That’s zany economics on 90% national forex income
      Yes to pay increase by all means! But how will the budget be funded to avoid retrenchment?

  • adebayo1

    THE NIGERIA CUSTOM AUCTION MARKET. Call CUSTOM BABALOLA ON 08060390674 We sell all kinds
    > of tokunbo vehicles at cheap rates, e.g.. Golf2, 3, 4, 5 from
    > N200, 000-N300, 000= Toyota Camry big.
    > daddy=N500,000=Honda accord baby boy=N450, 000.
    > ToyotaMatrix=N650, 000 Toyota Prado=N800,000 Toyota.
    > hiaceBus=N550,000 Toyota Avalon=N750,000.
    > ToyotaCorolla=N750,000 Mazda=N450,000 HondaAccord
    > end. of discussion =N750,000 Honda Evil Spirit =N900,000
    > ToyotaCamry. N900,00 (Tiny Light)=N650,000, Toyota
    > Avensis=N700,00. 0, Rav4=N800, 000, Toyota
    > Seinna=N800,000, Highlander=N900
    > ,000 ,Murano=N900,000 Pathfinder=N800,000, Infinity
    > Jeepfx35=N900,000 & fx45=900,000 Mercedes Benz
    > ML350=N900,00 land rover N1.2m rang rover N1.2m volvo
    > N550 000 and many more .THE PRICES OF EACH VEHICLE
    > IS NEGOTIABLE AND 
    > YOUR VIEWING INPECTIONS ALSO ALLOWED. CLEARANCE
    > SHOULD BE MADE ONLY . Please serious buyer should
    > contact CUSTOM REV BABALOLA JAMES ON 08060390674
    > futher
    > infomation.
    > NOTE: OTHER AUCTIONS ARE AVAILABLE SUCH AS,
    > POWER BIKES AND STUNT BIKES,
    > ELECTRONICS,
    > AIR CONDITIONERS,
    > FREEZERS AND FRIDGES,
    > MOBILE PHONES AND TABLETS,
    > BAGS OF RICE, SUGAR, SALT. ETC.

  • Igwee!!!

    Nigeria is a fraudulent country; a country with fraudulent leadership. That’s the truth.
    This government was quick to hike the price in 2012 on the basis that the government subsidy was not reflective of the pricing/cost of importation in the international market. The same government even killed some protesting innocent Nigerians in order to get its wish to hike the pump price of oil. But today that the oil price has crashed, the same government is now busy making excuses when it is asked to reflect the falling international price on the domestic price.

    The truth is, in this country, everyone is a victim of fraud – a fraud by the criminal enterprise which Nigerians often call “government”. And yet, you still find some “human beings” defending this impunity and injustice on the grounds that the perpetrators are from their own ethnic group. It’s disgusting!

  • boliatepa

    You are not even sure of collecting your current pay regularly any longer. Ask for more and you won’t get anything! Asking for more when the government’s income is now halved is simply dumb. It’s not just a Nigerian problem. All oil producing countries are facing the same issue. You can ask, but the government cannot pay. In short, Nigeria is now a poorer country.

  • favourtalk

    Nigerians have suffered so much under the regime of GEJ and we will all end it by 2015 by his grave because we can’t continue like this anymore. Everyday is like a forgotten story about a common man on the street and it is really a tragedy that we voted him in based on pity but a eyes are clear know, we want change is our new song….good nigeria and better leader

  • Mohammed Alimu Mohammed

    The confusion is multiplying by the day, may Allah save Nigeria.