Minimum wage now meaningless with petrol price hike – NLC

The Nigeria Labour Congress (NLC) on Tuesday said that claims by the Federal Government that the petrol price in the country was among the lowest in Africa is meaningless and has no economic basis, Daily Times gathered.

The NLC President, Ayuba Wabba, made the statement in an interview with The PUNCH, adding that the government should have situated its argument against the devaluation of the naira and the minimum wage being paid to workers.

Marketers have adjusted their pump prices to between N158 and N162 from N148 to N150 in August after the Federal Government announced an increase in the ex-depot price of petrol.

On Monday, the Minister of Information and Culture, Alhaji Lai Mohammed, said despite the increase in the price of petrol, the price of the commodity in Nigeria remained among the cheapest in Africa.

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Wabba dismissed Lai Mohammed claims, stating that the government failed to acknowledge the fact that the naira had been on free fall for many years and the prices of commodities have already been affected.

He noted, “That comparison cannot even stand because our currency has been on free fall and it has been devaluated over and over again. So, the basis for comparison is faulty. If they (other countries) have stronger currencies, it means our currency is weak.

“Not only petroleum products but all other commodities are also expensive in Nigeria because of the free fall of the naira. Can they also make the comparison on the basis of the stability of the currencies of other countries over the years and the instability of the Nigerian currency over the last five years? You can then get the answer.”

Wabba also said that the government should have considered the impact of its decision on the workers.

He said, “The point we have made is that many Nigerians have been pushed to the edge and it is insensitive to increase the prices of the two commodities at the same time-petroleum products and the electricity. You can see the impact already in the prices of bread which have increased from N250 to N300.”