Increase in wages won’t solve Nigeria’s economic problem – Adebayo
Innocent Raphael
The presidential candidate of the Social Democratic Party, SDP, in the 2023 general elections, Adewole Adebayo has said that increasing the wage of workers would likely have little impact on the economy of Nigeria and living condition of workers.
Adebayo stated this in a press briefing in Abuja on the backdrop of growing agitation by the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, for an upward review of workers’ wages.
He explained that more money does not translate to quality life at this material time, pointing out that the focus should be the purchasing power of the Naira instead.
“It is not the volume of money in one’s hands that matters but what the money can buy.
“There are things we need to understand in basic economics. Having more money does not guarantee you anything.
“Everybody who’s living today has more money than Julius Caesar. Because at that time, the entire British economy was not up to one billion pounds for the first 1000 years of her existence. Purchasing power is what is important,” he said.
