N250,000 minimum wage not financially feasible, CNP opposes

The latest demands by organised labour for a N250,000 minimum salary, according to the Concerned Nigerian Patriots (CNP), present a serious risk of bringing Nigeria into yet another recession and making the financial difficulties that President Bola Tinubu's administration has been assiduously attempting to resolve even more acute. 

The group claims that pushing for a pay increase that is not financially feasible runs the risk of igniting instability and mayhem, which could threaten Nigeria's arduously acquired democracy. 

At a press conference in Abuja, CNP chairman Alfa Mohammed claimed that the labour plan included the complete shutdown of vital infrastructure in the name of the fight for a living wage, potentially devastating the country's economy and disproportionately harming its most vulnerable citizens.

Mohammed stated that the labour unions' insistence on a minimum wage—which was first set at N605,000, then N494,000, and finally N250,000—is a component of a larger plot to compel the government to enact a policy that is not viable economically. 

According to him, a pay increase of this kind would probably result in high inflation, a rise in unemployment, a drop in productivity, and more dire financial circumstances.

Source