It's insane to increase minimum wage from N30k to N150k, N200k - Economist

An economist, Dr. Tope Fasua has chided the Nigeria Labour Congress over their demands to the federal government.

He described as insane the demand made by the NLC for government to increase the minimum wage from N30,000 to between N150,000 and N200,000.

The NLC had earlier announced plans to embark on a strike action after the prices of petroleum went up in the wake of President Bola Tinubu’s announcement that the fuel subsidy is gone.

As a result of this, the Lagos state Governor, Babajide Sanwo-Olu appealed to the organised labour to call off its planned strike saying the NLC and the Federal Government should dialogue on ways to cushion the impact of the removal.

In a list of demands, the NLC mentioned the increment of minimum wage from N30,000, to between N150,000 and N200,000.

- Borders reopened

- Grants of operational licenses for more modular refineries

- Review of the corrupt privatisation of the energy sector.

Dr Tope Fasua in his submission on Channels on Monday, June 19, Television urged the federal government to get the state government to cut down pay as you earn.

"I will not support N150k minimum wage, I mean that is madness. I will support a kind of rebate on payee which goes back to the state, pay-as-you-earn, I think the government should try and get the state to agree to cutting down, pay-as-you-earn, even that is also a chunk of what the state declare as internally generated revenue.