Minister of Aviation and Aerospace Development, Festus Keyamo, has said Nigeria’s ₦70,000 national minimum wage is no longer sufficient to meet the economic challenges facing workers.
Keyamo made the statement at the 2026 National Pre-Retirement Summit organised by XEM Consultants Limited in Abuja, where he said rising living costs had significantly reduced workers’ purchasing power.
The minister urged the Federal Government to reach an agreement with organised labour on improved wages, noting that labour unions were demanding as much as ₦500,000.
Keyamo, a former Minister of State for Labour and Employment, recalled the negotiations that led to the increase in the national minimum wage from ₦30,000 to ₦70,000 in 2024. He, however, said the current wage was still inadequate to cushion workers from economic pressures.
He also criticised the treatment of workers by some government agencies, particularly cases where employees allegedly receive inadequate allowances while senior officials approve large sums for international trips.
According to him, workers remain central to national development, productivity and effective public service.
Meanwhile, Nigeria Labour Congress President, Joe Ajaero, called on the Federal Government to use increased oil revenues to provide relief for workers and other Nigerians affected by rising fuel, food and transportation costs.
Ajaero said higher international oil prices had increased revenues for oil-producing countries and urged the government to channel part of the additional income into intervention measures.
He argued that wage negotiations should focus on workers’ actual purchasing power rather than nominal salary figures, taking inflation, food prices, fuel costs and other economic pressures into account.
The NLC president also advocated linking wages and pensions to inflation or the cost-of-living index so that workers’ incomes could automatically adjust as economic conditions change.
Ajaero said the next minimum-wage review is expected around March or April, adding that discussions should begin early because the current three-year review cycle is approaching its end.
He, however, stressed that workers needed immediate relief before the next wage review, particularly because of rising fuel prices and their impact on transportation and household expenses.
Ajaero also questioned the effectiveness of government measures such as the Compressed Natural Gas programme, asking how many vehicles had been converted to CNG and whether enough refuelling facilities were available.
He said addressing inflation, transportation costs, food prices and currency pressures would be crucial to improving workers’ living conditions.
The summit’s convener and Chief Executive Officer of XEM Consultants Ltd., Dr Eugenia Ndukwe, said the event was designed to prepare senior professionals for a productive and financially secure retirement.
She said the summit focused on financial planning, health and wellness, entrepreneurship, investment, estate management and agricultural enterprise.
Ndukwe added that digital innovation was creating new opportunities for professionals to remain productive and earn income after formal employment. She said XEM Consultants partnered with Galaxy Backbone to provide participants with digital skills and tools to explore these opportunities.
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