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)

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

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: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It


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.