NEWS
Unstable Naira Makes ₦1m Salary Worthless — NLC
The Nigeria Labour Congress (NLC) has warned that a monthly salary of ₦1 million has become practically worthless to Nigerian workers due to the continued instability of the naira and rising inflation.
NLC President, Joe Ajaero, made this known on Tuesday in Abuja during an interview with the News Agency of Nigeria (NAN), where he expressed concern over the declining purchasing power of workers across the country.
According to Ajaero, the focus of organised labour is not just on increasing wages, but on ensuring that the value of the naira is strong enough to sustain workers and their families.
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“Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value,” he said. “What we need is a stable currency that can carry workers through the month.”
He lamented that the persistent rise in the cost of living has made it increasingly difficult for Nigerians to afford basic necessities, including food, transportation and housing.
The NLC boss noted that the ongoing discussions surrounding a new national minimum wage must follow due legal process and cannot be rushed.
“The minimum wage has not been negotiated yet. It is governed by law and tied to a review cycle. When the time comes, we will begin the process ahead of its expiration,” Ajaero explained.
He called on the federal government to take urgent steps to cushion the impact of inflation, stressing that current economic conditions have worsened the hardship faced by workers.
Ajaero also linked the growing economic pressure to rising fuel prices, which he said have significantly increased transportation costs and driven up food prices nationwide.
“We raised concerns when global factors began to affect local fuel prices, but unfortunately, the situation has not improved,” he said.
The labour leader further emphasised the need for Nigeria to build a resilient energy policy that can shield the country from external economic shocks.
“It is not ideal that developments in other parts of the world automatically translate into hardship for Nigerians. We must create systems that protect our economy,” he added.
On pension matters, Ajaero raised concerns about the emergence of multiple pension unions, warning that the development has created confusion within the system.
He disclosed that the NLC is engaging stakeholders to address the issue and ensure proper coordination, particularly in the areas of deductions and remittances.
Speaking ahead of the upcoming Workers’ Day celebration, Ajaero revealed that any protest actions would be limited to states that have not fully implemented the approved minimum wage.
“Any protest will not be nationwide. It will only take place in states that have failed to comply with the minimum wage implementation,” he clarified.
He, however, acknowledged that while many states have complied, some are yet to fully implement the policy, especially at the local government level and in the education sector.
He also pointed out issues with consequential salary adjustments, noting that some states are paying only the minimum wage without properly adjusting other salary structures.
“These are technical issues we must address. We will assess compliance levels before May Day,” he said.
Ajaero reaffirmed the commitment of the NLC to continue advocating for policies that will improve workers’ welfare and ensure economic stability.
He also commended the federal government for reviewing peculiar allowances and approving a 100 per cent duty tour allowance for civil servants, expressing hope that the measures will be effectively implemented.
The Nigeria LNG Limited (NLNG) has honoured former Minister of Power, Prof. Bart Nnaji, on the occasion of his 70th birthday, for his enduring contributions to science, innovation and the development of The Nigeria Prize for Science and Innovation.
At a colloquium organised in his honour, the company highlighted Nnaji’s more than two decades of involvement in the growth, governance and international recognition of the Prize, describing him as one of its earliest advocates and a key figure in its evolution.
Speaking at the event, the Managing Director and Chief Executive Officer of NLNG, Adeleye Falade, represented by the General Manager, External Relations and Sustainable Development, Sophia Horsfall, said Nnaji had remained a pillar of the initiative since its inception in 2004.
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According to Horsfall, the renowned engineer and academic has provided intellectual leadership, strategic direction and sustained advocacy that have helped shape the Prize’s vision, strengthen its credibility and advance its role in promoting scientific innovation and national development.
She recalled that Nnaji delivered the keynote address at the inaugural Grand Award Night held in Abuja on October 9, 2004, where he spoke on “Leapfrogging Science and Technology in Nigeria.” She noted that the address reinforced the founding objective of the Prize and helped raise awareness of the initiative among scientists, policymakers and other stakeholders.
Sahara Group is convening policymakers, industry leaders, investors, academia, and media professionals to advance practical solutions for Africa’s evolving energy landscape.
Scheduled for Wednesday, July 22, 2026, in Lagos, this year’s Asharami Square, a flagship thought leadership platform, is themed “Energising Africa’s Future: Legacy, Impact, and Transformation.”
The platform will spotlight the ideas, partnerships, and policy frameworks required to accelerate sustainable energy development across the continent.
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Building on the success of previous editions, Asharami Square 3.0 will examine how collaboration across government, industry, finance, and the media can unlock investment, strengthen infrastructure, and expand access while supporting Africa’s energy transition.
According to Bethel Obioma, Head, Corporate Communications, Sahara Group, the platform reflects Sahara Group’s commitment to driving impactful conversations that translate into real outcomes.
“Africa’s energy future will be shaped by the strength of our partnerships and our ability to turn dialogue into action. Asharami Square continues to provide a platform for convening diverse perspectives, advancing informed discourse, and driving the decisions that will influence policy, investment, and long-term development across the continent.
As we look Beyond XXX, our focus remains on investing in the ideas, partnerships, and platforms that will help shape a sustainable energy future for Africa.”
Also speaking, Ejiro Gray, Director, Governance and Sustainability, Sahara Group, emphasised the importance of grounding energy conversations in context and practical realities.
“Africa’s energy transition must be defined by solutions that reflect our unique realities. Asharami Square plays a critical role in bridging technical expertise and public understanding, ensuring that conversations around energy, sustainability, and development are anchored in evidence, context, and impact.
Through initiatives like Asharami Square, we continue to advance our Beyond XXX philosophy by supporting credible dialogue and strengthening the ecosystems that drive sustainable progress.”
The event will feature a keynote address by Sadiq Wanka, Special Adviser to the President of Nigeria on Power Infrastructure, alongside a high-level panel including Professor Abigail Ndisika, Director, Institute of Continuing Education (ICE), University of Lagos; Temitope George, CEO, Lagos State Electricity Regulatory Commission (LASERC); Adebiyi Olusolape, Associate Editor, Africa, Argus Media; and Kemi Awodein, Managing Director, Investment Banking, Chapel Hill Denham.
A key highlight of this year’s programme will be the unveiling of the Asharami Square Energy Reporting Fellowship Judging Panel, reinforcing Sahara Group’s commitment to strengthening credible, solutions-focused journalism that deepens public understanding of Africa’s energy transition.
Since its maiden edition in 2024, Asharami Square has facilitated informed dialogue and effective media advocacy to enhance energy transition and sustainability in Africa.
Through the platform and the newly launched Asharami Energy Reporting Fellowship, Sahara Group continues to advance its Beyond XXX vision by investing in the ideas, people, and platforms that will help shape Africa’s energy future, while reinforcing its commitment to bringing energy to life responsibly.
Critical stakeholders are lamenting that fuel importers, licensed by the Nigerian government, are selling imported premium motor spirit (PMS) also known as petrol around N200 per litre, above what local refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP) is selling.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that the importers including Matrix, AA Rano, Hayden among others have started pricing imported petrol significantly above the rates offered by the DPRP, raising concerns over the effectiveness of the government’s import licensing policy.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, said independent marketers had expected the import licences to serve as a check on domestic fuel pricing but are now shocked to find out that the policy had failed to deliver the desired outcome.
“The independent marketers of Nigeria have looked at the price volatility, the issue of the import license, the issue of sales of petroleum products and dollar, and holistically I will want to use the opportunity to urge the federal government to look into this thing transparently through NMDPRA, who is the authority of the industry,” he said.
According to him, the recent import licences issued to marketers have not helped reduce fuel prices as anticipated.
“The recent import licenses, which are termed to be used as a guiding principle or a check to domestic petroleum products being refined here in Nigeria, is not yielding the results as was expected by the independent marketers,” he stated.
Ukadike expressed surprise that some importers were reportedly selling imported petrol at about N1,350 per litre, despite lower prices from the DPRP.
“We were shocked, even as I am talking to you now, that the licenses that have been given to AA Rano, Matrix and all the rest of them to be able to import petroleum products are trying to peg the price of petroleum products at N1,350, which is far, far distant from what Dangote has been selling to us,” he said.
He further questioned the quality and pricing of imported products, insisting that the policy was undermining the purpose for which the licences were granted.
“The essence of NNPC or NMDPRA or the federal government opening up this import license is also to checkmate the domestic price of petroleum products, whereas where we find out that these products are being brought into this country, one, their qualities are questionable, two, their prices are higher,” Ukadike added.
The IPMAN spokesman also warned that continued fuel importation at higher prices was increasing pressure on Nigeria’s foreign exchange market, with the naira approaching N1,400 to the US dollar.
He argued that imported petroleum products priced using the international PLATTS benchmark were about 20 percent more expensive than products supplied by the DPRP, making imports less competitive.
Ukadike urged the Federal Government to sustain the sale of crude oil to the Dangote refinery in naira, saying the arrangement would help stabilise domestic fuel prices, reduce demand for foreign exchange and ease pressure on the local currency.
He also cautioned against what he described as the indiscriminate issuance of import licences, warning that such a policy could ultimately lead to higher pump prices for consumers instead of promoting competition.
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