Dr. Yinka Ola-Williams, the Chairman of the Social Democratic Party (SDP) in Ogun State, has called on organized labor to refrain from exacerbating inflation by demanding a higher minimum wage than the N70,000 recently proposed by the Federal Government.
Recently, the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) have been embroiled in negotiations regarding the national minimum wage. While labor unions initially sought an increase to N250,000, the Federal Government ultimately settled on N70,000, which is significantly lower than the unions’ expectations.
In light of this new wage proposal, Ola-Williams urged the leadership of Nigerian workers to accept the N70,000 minimum wage in the interest of the populace, emphasizing the need to curb ongoing inflationary pressures, particularly concerning food prices and essential services.
He made these remarks during the 12th Anniversary and Graduation Ceremony of Lyceum Schools, themed “Global Reach Within Local Realities,” held at the Olusegun Obasanjo Presidential Library in Abeokuta, the capital of Ogun State.
The SDP Chairman suggested that instead of advocating for a higher minimum wage, labor leaders should focus on encouraging President Bola Tinubu’s administration to enhance local agricultural production. He pointed out that the nation has been grappling with hunger and poverty, which have been exacerbated by the ineffective Anchor Borrowers Programme.
Ola-Williams urged labor unions to maintain peace and avoid any protests that could incite violence among an already frustrated populace. He cautioned that further increases in the proposed minimum wage could lead not only to rising food prices and service costs but also to a continued depreciation of the naira against the dollar.
“The N70,000 minimum wage is the Federal Government’s stance, and while there may be discussions, we must understand the broader implications. As the SDP Chairman, I recognize that pushing for a higher minimum wage could lead to further inflation and weaken the naira,” he explained.
He emphasized the importance of focusing on local production to reduce food costs, noting that food and transportation are significant expenses for workers. “If we can boost agricultural output and lower food prices, the N70,000 wage could become more manageable for the workers,” he added.
“I support the N70,000 proposal because it aligns with the Federal Government’s decision, and we should not seek to create turmoil. The government has set this figure, and it is now up to labor to accept it. Our priority should be on fostering peace and unity within the country,” he concluded.
