By Erewunmi Peace

The Nigeria Labour Congress (NLC) has stated that a monthly salary of ₦1 million would hold little value without a strong naira and a stable economic environment.

NLC President, Joe Ajaero, made this known during a recent engagement in Abuja, where he addressed concerns over the rising cost of living and its impact on Nigerian workers.

According to him, the current economic realities, including inflation and currency instability, have significantly reduced the purchasing power of workers, making even seemingly high salaries insufficient to meet basic needs.

He emphasized that improving workers’ welfare goes beyond wage increases, noting that broader economic reforms are necessary to ensure that earnings translate into real value.

The labour leader called on the government to focus on stabilizing the naira, reducing inflation, and implementing policies that support economic growth and improve living conditions.

The statement comes amid ongoing national discussions on wage structures and the economic challenges facing Nigerians.

Economic analysts have also highlighted the need for a balanced approach that combines salary adjustments with policies aimed at strengthening the overall economy.

Further reactions are expected as stakeholders continue to weigh in on the issue.