Any Minimum Wage Level Above N60,000 Could Spell Doom For The Economy – Tajudeen Olayinka

The Nigerian Investment Banker and Stockbroker, Tajudeen Olayinka while reacting to the ongoing minimum wage saga between the Federal Government and Organized Labour urged the Federal Government not to allow Labour to be misled into setting a minimum wage that appears to be chasing inflation because they could not chase inflation with minimum wage, and any minimum wage level above sixty thousand nairas could spell doom for the economy.

According to Vanguard, the Nigerian Investment Banker and Stockbroker, Tajudeen Olayinka said “I think the government and the economic team will need to put on a thinking cap because what will worsen the current economic situation is allowing labor leaders to mislead the government into setting a minimum wage that appears to be chasing inflation. You do not chase inflation with minimum wage, rather, you deploy all available resources to cause inflation to moderate to a minimum wage level that is affordable to the economy. Organized labor must show a good understanding of the problem that has befallen our nation. Any minimum wage level above N60,000 could spell doom for the economy.’’

Tajudeen Olayinka added that the re-emergence of fuel subsidy and the fact that the economy of Nigeria had lost its purchasing power, were clear indications that the economy was failing to adjust along the lines of set parameters. He also added that the economy of a country could not afford a return to a subsidy regime even with the agitation for a minimum wage by Organised Labour…..See More

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