Second republic senator, Chief Olorunnimbe Farukanmi, on Saturday said the N50,000 minimum wage being demanded by Nigerian workers may not be realised soon.
The former lawmaker noted that the labour unions have been asking for N50,000 minimum, which he said would be 250 per cent increment based on the current N18,000.
Farukanmi, Chairman, Elders Assembly of the All Progressives Congress (APC) in Ondo state, told Nation: “It is evidently clear that some of the various levels of governments in existence presently owe their workers over 10 months salary arrears.
“It means that if some local and state governments are unable to meet up the N18,000 especially as sources of revenue generation are dwindling, the proposed N50,000 per month demanded by the labour force, if acceded can never be met by these present government”
The APC stalwart said the negotiation on the demands of the labour unions for over N50,000 as the national minimum wage has been on for many years without any resolution.
The elder statesman warned that new minimum wage of N50,000 would cause another economic recession in the country, as it would lead to general increase in the prices of all commodities and food stuff.
He said: “The labour Unions should ensure that this nation does not slip into recession again since every Nigerian is aware of the fact that Nigeria derives majority of its revenue from oil and gas, but with the large scale reduction in the prices of oil in the world market, the country’s revenue has reduced drastically.
“At a time when the economy should be strengthened with a stable naira as against encouraging further inflation, to embark on a stable naira as against encouraging further inflation, to embark on a 250 per cent wage increase will be enormously detrimental to the successful growth of the economy.”