The Nigeria Labour Congress (NLC) on Tuesday sounded the alarm that workers and citizens are enduring the harshest survival crisis in the country’s history, driven by soaring inflation, insecurity, poor wages, and collapsing social protection systems.
NLC President, Joe Ajaero, in a press statement said, the situation is even worse than what Nigerians experienced during the civil war or under austerity measures. He stressed that financial insecurity has become the defining reality of the working class.
“Nigerians, especially Nigerian workers, are currently confronted with the worst survival crisis in the history of our nation, worse than the civil war years and even the era of austerity measures. At the heart of this crisis lies the growing scourge of financial insecurity,” Ajaero declared.
He lamented that Nigerian workers now rank below their counterparts in many African countries, including war-torn Somalia and Sudan.
According to him, wages have stagnated while inflation—over 30% in 2024—has eroded purchasing power. The national minimum wage of ₦70,000 is inadequate, with the price of a bag of rice exceeding that amount.
“The simple and natural progression of life is that a person must eat to survive. However, when work no longer provides adequate income to meet basic needs, survival becomes extremely difficult,” he said.
The NLC highlighted several compounding factors:
- Currency depreciation has worsened living costs, making imports and fuel more expensive.
- Food inflation consumes up to 80% of household income, leaving little for savings or security.
- Rising fuel prices have driven up transport and production costs, affecting all goods and services.
- Weak social safety nets mean most workers lack unemployment benefits, health insurance, or adequate pensions.
- Housing and transport costs remain disproportionately high, forcing some workers to stay at workplaces during the week to avoid commuting expenses.
- Multiple taxation and deductions further reduce take-home pay, while electricity, telecom tariffs, and tolls intensify financial strain.
- Poor infrastructure forces workers to self-fund essentials like power, water, and healthcare.
Ajaero also linked financial insecurity to physical insecurity, citing terrorism, banditry, and kidnappings that disrupt livelihoods and displace families.
“Nigerian workers are trapped in a relentless squeeze between macroeconomic instability and systemic failure. Soaring inflation, a depreciating currency and stagnant wages have destroyed purchasing power, while the high costs of essentials consume most incomes,” he warned.
The NLC urged urgent government intervention to stabilize the economy, raise real incomes, and strengthen social protections.
“Without decisive action, the financial insecurity confronting Nigerian workers will continue to undermine individual well-being and the nation’s broader economic prospects,” Ajaero concluded.
