According to a report by Punch Newspaper on Tuesday, April 28, 2026, Joe Ajaero, President of the Nigeria Labour Congress, said a monthly salary of ₦1 million would still be meaningless to Nigerian workers if the naira continues to lose value and the country’s economic conditions remain unstable.
He made this statement during an interview with the News Agency of Nigeria on Tuesday in Abuja, where he spoke on the growing concern over the real worth of wages compared to the rising cost of living affecting workers across the country.
Ajaero explained that organised labour is increasingly focused on the purchasing power of the naira rather than the size of salary figures being announced or negotiated.
He noted that persistent inflation has continued to weaken the value of earnings, making it difficult for workers to experience any real improvement in their standard of living even when nominal wages appear to increase.
He further stated that the continuous rise in prices of essential goods and services has placed significant pressure on households.
According to him, workers are struggling to meet basic needs such as food, transportation, rent, and other daily expenses, as income levels are being rapidly overtaken by inflationary trends in the economy.
Ajaero added that discussions around wages must go beyond figures and focus on the real value of money in circulation.
He pointed out that salary increments alone do not guarantee financial stability if the currency itself lacks strength and is constantly losing value in the market, reducing its ability to sustain everyday living.
He also emphasized that the current economic situation has made it increasingly difficult for many workers to plan or survive comfortably within a monthly cycle.
He maintained that the erosion of purchasing power continues to affect both public and private sector employees, leaving many unable to keep up with basic financial responsibilities despite earning regular salaries.
According to him, labour’s concern remains centered on ensuring that wages can genuinely support workers and their families through the month without undue hardship.
He stressed that economic stability, especially a stronger and more reliable currency, is essential for any meaningful improvement in workers’ welfare and overall productivity.
He said, “Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value.
“What we are looking for is a currency that can sustain workers and their families at least to the end of the month.”…Read_More…