Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), has described Nigeria’s current ₦70,000 national minimum wage as inadequate to meet the economic realities confronting workers.
Speaking at the 2026 National Pre-Retirement Summit in Abuja, Keyamo said the rising cost of living had eroded workers’ purchasing power, making an upward wage review imperative.
He urged the Federal Government to find common ground with organised labour, which has demanded as much as ₦500,000.
Recalling the negotiations that raised the minimum wage from ₦30,000 to ₦70,000 in 2024, Keyamo stressed that the current figure remains insufficient to absorb economic shocks.
He also criticised government agencies that deny workers basic allowances while approving large sums for international trips for senior officials.
“Without these workers, we will not have a country,” he said, adding that national development depends on prioritising workers’ welfare.
Nigeria Labour Congress (NLC) President, Joe Ajaero, also addressed the summit, urging the government to use increased oil revenues to cushion citizens against rising fuel and food costs.
He argued that wage negotiations should focus on real purchasing power, not nominal figures, and called for wages and pensions to be indexed to inflation.
Ajaero noted that the current minimum wage cycle, reduced from five years to three, is due for review in March-April 2027, but stressed that workers’ immediate concern is survival under present economic pressures.
He also questioned the effectiveness of government measures such as the Compressed Natural Gas (CNG) programme, citing limited infrastructure and vehicle conversion.
The summit, convened by XEM Consultants Ltd., focused on preparing senior professionals for retirement through financial planning, health and wellness, entrepreneurship, and digital innovation.
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