Minister of aviation and aerospace development, Festus Keyamo, on Thursday, September 24, said the N70,000 national minimum wage was inadequate to withstand the economic pressures confronting Nigerian workers.
Keyamo made the remarks at the 2026 national pre-retirement summit organised by XEM Consultants Ltd., where he called for measures to improve workers’ welfare amid the rising cost of living.
He said the purchasing power of the N70,000 minimum wage had been eroded by increasing living costs, making an upward review of workers’ wages necessary.
Keyamo urged the federal government to meet labour unions halfway in ongoing discussions over workers’ welfare, noting that organised labour had demanded as much as N500,000 as the new minimum wage.
He recalled that the national minimum wage was increased from N30,000 to N70,000 in 2024, but said the economic realities facing workers had continued to change.
The minister also criticised the treatment of workers by some government agencies, alleging that some employees were denied allowances while senior officials approved substantial funds for international trips.
He said workers’ welfare remained central to productivity and the effective delivery of public service.
Speaking at the event, the president of the Nigeria Labour Congress, Joe Ajaero, called for increased oil revenues to be used to cushion the impact of rising fuel prices and other economic pressures on workers.
Ajaero said discussions on a new minimum wage should focus on workers’ real purchasing power, taking into consideration inflation, fuel prices and the rising cost of food and other essential commodities.
He also advocated the indexation of wages and pensions to inflation or the cost of living to ensure workers and retirees were better protected from economic shocks.
Ajaero said the next review of the national minimum wage was expected around March or April, urging stakeholders to begin discussions early.
He also questioned the effectiveness of the government’s Compressed Natural Gas programme in reducing transportation costs for workers.
The chief executive officer and convener of the summit, Eugenia Ndukwe, said the event was designed to help senior professionals prepare for retirement and acquire relevant skills for life after active service.
She added that participants would also receive training in digital skills through a partnership with Galaxy Backbone.
Comments