The Trade Union Congress (TUC) is calling on the Federal Government to fix a new minimum wage to counter the rising cost of living in the country.
Speaking in Abuja today at a press briefing, with less than 24 hours to go before the commencement of a nationwide protest by the Nigeria Labour Congress (NLC) over the high cost of living, TUC President Festus Osifo is calling for a review of the N30,000 minimum wage.
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He says the call for a new minimum wage is part of the solutions proffered by the union to address the economic hardship in the country, adding that the falling value of the naira against the dollar in the FX market has further eroded the value of the minimum wage.
According to him, the Federal Government’s economic team should work towards a more realistic rate of the naira to dollar, which they pegged between N500 and N800 to the dollar. The union also recommended a clamping down on currency speculators, especially those online, whose actions, they say, have seen a reduction in diaspora remittances.
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