The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has cautioned that even a monthly salary of ₦1 million would lose its value if Nigeria’s economic conditions remain unstable.

Speaking in Abuja, Ajaero stressed that rising inflation and the weakening of the naira have significantly eroded the real value of workers’ earnings, making salary increases alone insufficient.

“Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value,” he said, highlighting the need for a more stable economic environment that can sustain workers throughout the month.

He lamented the rising cost of living, noting that basic needs such as food, housing, and transportation have become increasingly expensive. According to him, fuel price hikes have further worsened the situation, affecting virtually every sector of the economy.

On the issue of minimum wage, Ajaero clarified that no negotiations are currently ongoing, emphasizing that the process is guided by law and cannot be rushed for political reasons. He assured that discussions would begin at the appropriate time before the current wage structure expires.

The labour leader also called on the government to address inflation urgently and implement a strong energy policy to shield Nigerians from global economic shocks.

Additionally, he raised concerns about irregularities in the pension system, stating that the NLC is working with stakeholders to ensure proper remittances and restore order.

Ahead of Workers’ Day, Ajaero noted that protests would only occur in states that have failed to fully implement the approved minimum wage, pointing out gaps particularly at the local government and education sector levels.

Opinion: Salary Isn’t the Problem—Value Is

Joe Ajaero’s statement cuts straight to the heart of Nigeria’s economic reality: income means little if purchasing power keeps shrinking.

For years, public debates have focused heavily on increasing wages, but this often treats the symptom rather than the root cause. Inflation, currency instability, and rising energy costs quietly undermine every salary adjustment.

A ₦1 million salary may sound impressive on paper, but if food prices double, transport costs triple, and rent continues to climb, that figure quickly loses its significance. What matters is not just how much people earn, but what that income can actually buy.

Ajaero’s argument also exposes a deeper issue—economic confidence. When citizens cannot predict the value of their money from one month to the next, financial planning becomes nearly impossible.

However, while his concerns are valid, the challenge lies in execution. Calls for economic stability and policy reform are not new; what Nigerians are waiting for are tangible results.

In the end, the conversation should shift from “how much should workers earn?” to “how can the economy make earnings meaningful again?” Until that question is answered, even the highest salaries may continue to feel insufficient.