Nigerian govt should prioritise negotiations with NLC, TUC to halt total economy collapse – Idakolo

Financial expert and the Chief Executive Officer of SD & D Capital Management, Gbolade Idakolo, has urged the Nigerian government to prioritize negotiations with the striking Nigeria Labour Congress, and Trade Union Congress over minimum wage to avert the total collapse of the country’s economy.

Idakolo disclosed this in an interview with Newspot on Tuesday, while reacting to the ongoing strike action by organized labor which crippled critical sectors of the economy.

Newspot reports the striking workers shut Nigerian airports, the National grid, public offices, banks, ports, oil and gas supply chain over the Government’s failure to implement minimum wage and the reversal of the April 3 electricity tariff reversal.

Idakolo the development has further worsened Nigeria’s fragile economy already grappling with rising inflation, fòreign exchange challenges, unemployment and the energy crisis.

He noted the hat government needs to fulfill its promises to Nigerian workers regarding welfare and minimum wage.

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“The indefinite strike action is an added pepper to an already sour injury. The economy is already on its knees and this strike will further cripple it. The government needs to fulfill its promises to the people and the agitations of the union are a true reflection of an average Nigerian worker whose take home can no longer take them home.

“The government should immediately negotiate a living wage that can accommodate the private sector and boost the economy to prevent total collapse.

“The Federal government through its twin policies of fuel subsidy removal and exchange rates liberalization has increased the revenue accruing to the three tiers of government but the impact has not been felt by the people.

“Going forward, the government should implement people-oriented policies including a living wage urgently”, he told Newspot.

Meanwhile, after a meeting between leaders of organized labor and Secretary to Government of the Federation, George Akume on Monday night, both parties signed a resolution.

While the government has vowed to pay a minimum wage higher than N60,000, organized a scheduled meeting for Tuesday to discuss on government’s commitment and whether to suspend the ongoing strike.