Kelvin Bowoto
Amid calls from organized labor for an increase in workers’ wages, Prince Adewole Adebayo, the presidential candidate of the Social Democratic Party (SDP) in the 2023 elections, has stated that wage increases would have little or no economic impact on Nigerians’ living conditions at this time of hyperinflation in the country.
He said labor should instead focus on the naira’s purchasing power, adding that having more money does not translate into a better quality of life. Remember that in response to Labor’s request, the federal government formed a tripartite committee to address the matter.
Adebayo, on the other hand, stated that what the money can purchase is more important than how much money one has.
He stated, “There are some fundamental concepts in economics that we should grasp. Having more money does not ensure anything. Every living person has more money than Julius Caesar. Anyone who is alive today has more money because the entire British economy was not worth one billion pounds for the first 1000 years of its existence.
- ATTENTION: Techrectory gives ₦5,000 monthly to our top readers, CLICK HERE to become a winner.
“The key factor is purchasing power. So, instead of focusing on the amount of money that the minimum wage provides, we should consider what the money can buy. What was my father’s salary when he married my mother? He did not earn 20,000 pounds per year at the time. So, now can you pay somebody $20,000 per week, and the individual will not curse you?”
He claimed that what is required is to enhance production so that the naira’s purchasing power is reinforced and workers can enjoy whatever amount they are paid as the minimum wage. “However, you must enhance the volume of homes available. You must increase the quantity of foodstuffs accessible. You need to expand the number of classrooms available. You must improve the space available for productivity by ramping up manufacturing,” he stated.
Adebayo stated that organized labor does not represent the interests of the majority of Nigerians because only a small percentage of Nigerians belong to the organization.
He stated, “Organized labor is a component of Nigeria’s political class. They do not represent workers. That is not intended to be an attack on the current leadership. No, it’s simply the structural part. Before you may join the NLC or the TUC, you must first have employment. And there are more unemployed people than employed people.”
Techrectory with Agency Report.
