The chairman of the Labour Party in Oyo State, Sadiq Atayese, says the newly approved N70,000 minimum wage for Nigerian workers is not the solution to the country’s current economic challenges.

In an interview on Sunday in Ibadan, Mr Atayese said the real therapy for the sustainable cost of living lies in fashioning out positive economic policies by the government.

“Will this new minimum wage actually assuage the daily rising costs of foods and services? Can it bring a stable solution to the nation’s economic challenges? The answer is No,” he said.

He stated that one major policy issue that could challenge the poor living standard of Nigerians revolved around the exchange rate as a key determinant of fuel cost and, by extension, fuel subsidy.

Mr Atayese said the government must be intentional in its efforts to fight corruption to a standstill, in addition to the upward review of minimum wage.

According to him, corruption in high places represents more than 90 per cent of corruption cases in Nigeria.

The LP chairman urged the government to be deliberate about agricultural development and also address issues surrounding effective farming, such as security and adequate funding.

He said the beneficial effects of these critical issues, if properly addressed, would far outweigh a minimum wage of even N150,000.

“Labour Party will continue to stand for the wellbeing of the people and development of the society,” he said.

The federal government and labour had, on Thursday, agreed on N70,000 as the new minimum wage for Nigerian workers.

The government had earlier proposed N60,000, which was later raised to N62,000, while labour demanded N494,000 and later reviewed it downward to N250,000.

The labour leaders had, at the end of its meeting with President Bola Tinubu in Abuja on Thursday, said that they agreed to the 70,000 offer because of other incentives attached to it.

(NAN)