Business
NLC Demands Review Of Minimum Wage
The President of Nigeria
Labour Congress (NLC), Mr Ayuba Wabba, has demanded the review of the N18, 000 minimum wage by the Federal Government.
Wabba said that the union was in support of the government’s anti-corruption crusade being part of the initiatives to repositioning Nigeria’s economy.
The NLC president said this at the National Executive Council (NEC) meeting of the union.
According to him, the current minimum wage is unrealistic with the present economic reality.
He said that when the NLC agreed on the N18,000 minimum age with the Federal Government, the exchange rate was N140 to a dollar “but as at today, it is N220 to a dollar’’.
Wabba said that the Nigerian workers should be treated fairly by reviewing their salary upward in line with the present economic reality, adding that the minimum wage was no longer enough to sustain workers.
He condemned the spate of corruption in the country, where privileged few cornered the resources belonging to all Nigerians, adding that the NLC would support the President Mohammed Buhari on his move to prosecute culprits.
“The issue of corruption in Nigeria is mindboggling and unacceptable to us as this has caused many of us to be living in penury.
“Those responsible for corruption and stealing of our collective patrimony should be prosecuted and face the law if found wanting, this is the only way to make Nigeria work,” he said.
He said that a lot of resources that should accrue to the state were being stolen by individuals and some privileged few.
The NLC president called on the Federal Government to encourage workers to expose corruption in their domain, adding that if workers were encouraged as whistle blowers it would help the country.
He said that the president should ensure that such workers were protected from acting as whittle blower, adding that no one should be victimised for such act.
Wabba said that the various probes by the anti-corruption agencies must not end up like others such as power sector, fuel subsidy scam which ended without result.
He called for speedy trial of suspects by the judiciary, adding that judges must not be allowed to henceforth grant injunctions against suspect.
“The anti-corruption agencies must not relent in prosecuting corruption; that money must be recovered and put back into the country,’’ he said.
He called for the diversification of the economy, adding that a situation where the government would depend largely on oil revenue to run the country was inimical to its growth.
He, however, warned the Federal Government against disengaging workers in the cause of the merging of ministries, departments and agencies (MDAs) of government, saying, “ NLC would resist such move’’.
He said that merging of ministries with the sole aim of disengaging workers would be met with stiff resistance by labour unions.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
