Nigeria Labour Congress (NLC) has stated that without significant interventions to stabilise the economy, raise real incomes, and strengthen social protections, the financial insecurity facing Nigerian workers will continue to undermine both individual well-being and the country’s broader economic prospects.
While calling on the Federal Government to act swiftly, the NLC lamented that Nigerian workers were currently confronted with the worst level of crisis of survival ever experienced in the history of the nation, which did not occur during the civil war, or during the years of austerity measures.
NLC President,Joe Ajearo in a statement yesterday, said one of the key components and pivots was the crisis of financial security, saying that the Nigerian worker was at the bottom of the ladder comparatively with other African countries, including war-ravaged countries like Somalia and Sudan.
He said it was in the interest of the government and indeed the nation that action be taken to mediate the threats confronting the Nigerian workers.
Providing some statistics and highlighting some of the challenges facing Nigerian workers, Ajaero noted that they are caught in a relentless squeeze between macroeconomic instability and systemic failures.
According to him, skyrocketing inflation, a depreciating currency, and stagnant wages have decimated purchasing power, while the high costs of essentials, food, fuel, housing, and transportation consume the bulk of their incomes.
Compounding this, the NLC boss said, was the widespread job insecurity, a lack of robust social safety nets, and the necessity to privately fund basic services due to crumbling public infrastructure.
Together, he stressed that these factors create a cycle of financial difficulty, where saving or investing for the future becomes a luxury, and mere daily survival becomes the priority. He lamented that real wages had stagnated and declined over time, stating that most salaries, particularly in the public sector and many private firms, had not kept pace with inflation.
He stated that the national minimum wage of N70,000 had become grossly inadequate for meeting basic needs, especially when the price of a bag of rice exceeds the national minimum wage, which should challenge the conscience of any leader.
He further stated that food inflation had made acceptable nutrition inaccessible to the average Nigerian worker, with about 80 per cent of the average worker’s monthly income spent on food.
“Nigerian workers are confronted with weak social safety nets as a result of inadequate or non-existent unemployment benefits, health insurance, and pension coverage for many, especially in the informal economy. Even formal economy pensions (like the Contributory Pension Scheme) often provide insufficient benefits due to low contributions and economic volatility, which undermines the future integrity of present contributions,” he added.
