₦1m Minimum Wage Meaningless Without Fixing Naira Value TUC President Festus Osifo

₦1m Minimum Wage Meaningless Without Fixing Naira Value TUC President Festus Osifo Labour leader says wage talks must go hand in-hand with currency stabilisation as Nigeria joins global Workers’ Day celebrations As Nigerian workers join their counterparts around the world to mark this year’s Workers’ Day, the President of the Trade Union Congress (TUC), Festus Osifo, has called on the Federal Government to urgently address the value of the naira.

Osifo argued that the Nigerian currency is currently significantly undervalued, warning that even a proposed ₦1 million minimum wage would have little real impact if inflation and exchange rate instability are not tackled. He stressed that discussions around wage increases must be matched with broader economic reforms aimed at strengthening and stabilising the naira, to ensure that workers’ earnings translate into real purchasing power. According to him, improving workers’ welfare cannot be separated from fixing structural issues in the economy, especially currency devaluation, which continues to erode incomes and living standards.