• AI image | ohibaba

The President of Nigeria Labour Congress (NLC), Joe Ajaero, has lashed out at the Trade Union Congress’ (TUC) rejection of the Federal Government’s proposed N70,000 transport allowance, saying the union was not involved in negotiations with the government.

Ajaero warned that raising the national minimum wage to N1 million would not resolve Nigeria’s economic crisis, insisting that reducing the cost of living and strengthening the naira’s purchasing power were critical to improving workers’ welfare.

While rejecting the wage award, the TUC said the federal government had the capacity to raise the salary of the lowest-paid worker to N300,000 from the current minimum wage of N70,000, without waiting for a review of the minimum wage.

In a statement jointly signed by Festus Osifo and Nuhu Toro, President-General and Secretary respectively, the TUC said, in view of the prevailing economic hardship facing workers and the wider population, as well as the proposed measures to address it, what was needed was a salary increase and the implementation of the Joint Health Sector Union, JOHESU Agreement.

TUC stated: “Our position is unequivocal, workers are not asking for favours, they are demanding social and economic justice that protects their dignity and livelihoods.

“The TUC will continue to defend workers’ rights without retreat, expose non-compliance and pursue every legitimate avenue to compel the government to honour its obligations.

“Workers’ welfare is not a privilege. Agreements must be honoured. Workers’ rights must be respected. Government must comply.

BLACK MARKET EXCHANGE RATES

₦1385DOLLAR (USD)

POUND (GBP) ₦1810

₦1520 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300CFA F.(XOF)

₦2200CFA F.(XAF)

₦850 AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD) ₦1346.91

POUND (GBP)₦1794.09

EURO (EUR)₦1498.57

SWISS FRANC (CHF)₦1624.94

JAPANESE YEN (JPN)₦8.52

CFA FRANC (XOF)₦2.29

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1820.88

CHINESE YUAN (CNY)₦202.18

SAUDI RIYAL (SAR)₦358.90

SOUTH AFRICAN RAND (ZAR)₦80.87

Nigeria is primarily a borrower, not a major lender to other countries.

Available official records identify several countries from which Nigeria obtains bilateral loans, but that is different from countries to which Nigeria lends money.

Nigeria provides financial support and participates in regional development initiatives, including through institutions such as the Economic Community of West African States (ECOWAS).

However, financial assistance, contributions to regional institutions and direct government-to-government loans are different categories.

Countries Nigeria borrows from

According to Nigeria’s Debt Management Office (DMO), the country’s principal bilateral creditors include:

These loans generally finance infrastructure and development projects in Nigeria.