The Nigeria Labour Congress (NLC) has issued a stark warning, declaring that Nigerian workers are enduring the most severe survival crisis in the nation's history, surpassing even the hardships of the civil war and past austerity eras.
An Unprecedented Crisis of Survival
In a powerful statement released on Tuesday, December 17, 2024, NLC President Joe Ajaero lamented the dire situation. He stated that without swift and significant government intervention to stabilise the economy, raise real incomes, and strengthen social protections, the financial insecurity plaguing workers will continue to erode both individual well-being and the country's broader economic future.
Ajaero emphasised that the Nigerian worker is now at the very bottom of the ladder, even when compared to citizens of other African nations, including war-ravaged countries like Somalia and Sudan. He argued that taking action to address these threats is fundamentally in the interest of both the government and the nation.
The Relentless Squeeze on Purchasing Power
The NLC leader detailed the brutal economic forces trapping workers. He highlighted a relentless squeeze caused by macroeconomic instability and systemic failures.
Skyrocketing inflation, a rapidly depreciating currency, and stagnant wages have collectively decimated the purchasing power of salaries. The high cost of essentials now consumes the bulk of incomes:
- Food
- Fuel
- Housing
- Transportation
Ajaero provided a shocking statistic, noting that about 80 per cent of the average worker's monthly income is spent solely on food, making acceptable nutrition inaccessible for many. He stressed that the national minimum wage of N70,000 has become grossly inadequate, a fact underscored by the price of a bag of rice exceeding this monthly wage. "This should challenge the conscience of any leader," he stated.
Weak Safety Nets and a Precarious Future
Compounding the daily struggle is widespread job insecurity and a critical lack of social safety nets. Ajaero pointed out that many workers, especially those in the vast informal economy, face inadequate or non-existent unemployment benefits, health insurance, and pension coverage.
Even formal pension schemes, like the Contributory Pension Scheme, often provide insufficient future benefits due to low contributions and economic volatility. This reality undermines the integrity of present savings and leaves workers with no security for tomorrow.
The NLC President concluded that these combined factors create a vicious cycle of financial difficulty where saving or investing is a luxury, and mere daily survival becomes the overwhelming priority. The Congress is now calling on the Federal Government to act with urgency to mediate these existential threats confronting the Nigerian workforce.
