TVC E, BUSINESS - Organised labour said it would soon submit a proposal demanding a new minimum wage of N48,000 based on the impact of the global economic downturn on wages.
The General Secretary, National Union of Garment and Textile Workers (NUGTW), Comrade Issa Aremu, warned President Muhammadu Buhari not to bow to pressures to further devalue the national currency because the last devaluation eroded the value of the minimum wage.
“The last time we signed the minimum wage, which is N18,000, which is the current rate, and this was between 2009 and 2010, this translated to $124. But now on account of depreciation alone, this $124 has dropped to less than $60. So wages have been completely eroded on account of devaluation.
“In nominal terms, if we are talking just on account of the exchange rate, the minimum wage which is currently N18,000 should be about N48,000. And I am leaving this warning,...