New minimum wage must reflect inflation, exchange rate – Ajaero insists
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BusinessDay Nigeria
Editorial Desk
Fri, 6 Nov 2026, 14:58
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…As Okunnu urges FG to balance reforms with citizens’ welfare Joe Ajaero, president of the Nigeria Labour Congress (NLC), has said the next national minimum wage review must reflect inflation, the exchange rate and the rising cost of living to protect workers’ purchasing power. Also speaking, Ganiyu Okunnu, a lecturer at the Lagos State University (LASU), warned that public sector reforms driven primarily by cost-cutting could undermine workers’ welfare, weaken government institutions and compromise service delivery.
Context & Background
✦He said labour must establish what workers genuinely require to meet their basic needs rather than negotiate figures without considering their purchasing power.
Key Figures & Named Entities
2026:He spoke at the 2026 annual conference of the Labour Writers Association of Nigeria (LAWAN), held recently in Lagos.2027:According to him, preparations for the next minimum wage negotiation should begin ahead of the April 2027 review, following the amendment of the National Minimum Wage Act in 2024, which reduced the wage review cycle from five years to three years.$68:Olusesan alleged that the Federal Government generated more than N5.1 trillion in additional revenue from rising crude oil prices between March and April, when prices climbed from the budget benchmark of $68 per barrel to between $109 and $110.
Outlook & Next Steps
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Key Takeaways
Verified Extract
✦…As Okunnu urges FG to balance reforms with citizens’ welfare Joe Ajaero, president of the Nigeria Labour Congress (NLC), has said the next national minimum wage review must reflect inflation, the exchange rate and the rising cost of living to protect workers’ purchasing power.
✦Also speaking, Ganiyu Okunnu, a lecturer at the Lagos State University (LASU), warned that public sector reforms driven primarily by cost-cutting could undermine workers’ welfare, weaken government institutions and compromise service delivery.
✦He said labour must establish what workers genuinely require to meet their basic needs rather than negotiate figures without considering their purchasing power.
Key Facts:2026: He spoke at the 2026 annual conference of the Labour Writers Association of Nigeria (LAWAN), held recently in Lagos.2027: According to him, preparations for the next minimum wage negotiation should begin ahead of the April 2027 review, following the amendment of the National Minimum Wage Act in 2024, which reduced the wage review cycle from five years to three years.$68: Olusesan alleged that the Federal Government generated more than N5.1 trillion in additional revenue from rising crude oil prices between March and April, when prices climbed from the budget benchmark of $68 per barrel to between $109 and $110.
Editorial Excerpt
…As Okunnu urges FG to balance reforms with citizens’ welfare Joe Ajaero, president of the Nigeria Labour Congress (NLC), has read more New minimum wage must reflect inflation, exchange rate – Ajaero insists
Frequently Asked Questions About This Story
What is the latest development regarding Lagos State?
…As Okunnu urges FG to balance reforms with citizens’ welfare Joe Ajaero, president of the Nigeria Labour Congress (NLC), has said the next national minimum wage review must reflect inflation, the exchange rate and the rising cost of living to protect workers’ purchasing power.
Who are the key organizations or public figures mentioned?
Also speaking, Ganiyu Okunnu, a lecturer at the Lagos State University (LASU), warned that public sector reforms driven primarily by cost-cutting could undermine workers’ welfare, weaken government institutions and compromise service delivery.
What timeline or key figures were confirmed?
He spoke at the 2026 annual conference of the Labour Writers Association of Nigeria (LAWAN), held recently in Lagos.
