Nigeria’s economy will cripple with a N50k minimum wage – Former Senator, Olorunnimbe Farukanmi

Nigeria’s economy will cripple with a N50k minimum wage – Former Senator, Olorunnimbe Farukanmi


A second republic senator, Chief Olorunnimbe Farukanmi on Saturday, mentioned the N50,000 minimum wage being agitated by Nigerian staff, would have dire penalties on the nation’s economy.

In line with TheNation, the monetary professional mentioned labourers are entitled to their wages, however expressed the necessity for commerce unions to contemplate and have a look at numerous sources of income accurable to their employers so as to asses the truth of the wages from which their salaries are paid.

His phrases: “It’s evidently clear that a number of the numerous ranges of governments in existence are presently owing their staff over 10 months wage arrears. It implies that if some native and state governments are unable to fulfill up the N18,000 particularly as sources of income technology are dwindling, the proposed N50,000 per thirty days demanded by the labour pressure, if acceded, can by no means be met by these current authorities”

In line with him, the sources from crude oil gross sales signify the primary sources of income from which the federation account generates majority of its sources. The elder statesman warned that new minimum wage of N50,000 would trigger one other financial recession within the nation, as it could result in normal enhance within the costs of all commodities and meals stuff.

He mentioned: “with the massive scale discount within the costs of oil on the planet market, the nation’s income has decreased drastically. At a time when the economy ought to be strengthened with a secure naira as towards encouraging additional inflation, to embark on a 250 per cent wage enhance will be enormously detrimental to the profitable progress of the economy.”

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