Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, has said Nigeria’s N70,000 national minimum wage is no longer sufficient to withstand the economic pressures facing workers.
Keyamo spoke at the 2026 National Pre-Retirement Summit organised by XEM Consultants Limited, where he said rising living costs had reduced workers’ purchasing power and made an upward review of wages necessary.
The minister urged the Federal Government to reach an agreement with organised labour in ongoing wage discussions, noting that labour unions were seeking as much as N500,000.
Keyamo, who previously served as Minister of State for Labour and Employment, recalled the negotiations that led to the increase in the national minimum wage from N30,000 to N70,000 in 2024.
He said the current wage was still inadequate to absorb the economic shocks confronting workers.
The minister also criticised the treatment of workers by some government agencies, particularly situations where basic allowances are denied to employees while senior officials allegedly approve significant sums for international trips.
“I will have none of it. Without these workers, we will not have a country,” Keyamo said.
He stressed that workers’ welfare should remain central to national development and productivity, saying the human element remains critical to the functioning of government and the economy.
“It’s not the machines or everything that you [have]; it’s the human factor. Without that, no machine will move,” he said.
Keyamo urged ministers and heads of government agencies to give greater attention to workers’ welfare and productivity instead of allowing bureaucratic considerations to overshadow their needs.
Meanwhile, President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, called on the Federal Government to use increased oil revenues to cushion workers and other Nigerians from the impact of rising fuel prices.
Ajaero said the recent increase in international oil prices had created additional revenue for oil-producing countries and urged the government to use part of the gains to support citizens dealing with higher transportation and food costs.
“As one of the oil-producing countries, they are making trillions because of the problem in the Strait of Hormuz. You can see that oil was pegged at maybe $70 or whatever dollars. It’s $100, so they are making an extra $30 or $40,” Ajaero said.
He questioned whether part of the additional revenue could be used for intervention measures to support Nigerians until the next minimum-wage review.
Ajaero said wage negotiations should focus on workers’ actual purchasing power rather than simply agreeing on a nominal figure.
“Negotiations are not just figures,” he said.
He explained that even a large salary could lose its value if the prices of basic commodities increased sharply.
“Assuming one naira is equal to $1, I would advise Nigerian workers to remain at ₦70,000 because that would be big money for them, but you can see that you can equally get one million naira and a bag of rice is ₦500,000, so what of that? What happens?” he asked.
The NLC president also advocated linking wages and pensions to inflation or a cost-of-living index so that workers’ incomes could adjust as economic conditions change.
“Unless you index it either based on cost of living index or inflation, immediately inflation goes like this, automatically it will adjust to this, as it is affecting pension, so it affects salaries; and those are some of the things that will enable us to agree on something,” he said.
Ajaero further argued that minimum pensions should be considered alongside minimum wages because both workers and pensioners are affected by prevailing economic conditions.
He noted that the reduction of the minimum-wage review cycle from five years to three years was intended to allow wages to respond more quickly to changes in the economy.
According to him, the next minimum-wage review is expected around March or April, and discussions should begin early.
“This minimum wage is supposed to expire March–April, so the conversation ought to start early. That’s a three-year cycle,” Ajaero said.
However, he said labour’s immediate concern was helping workers cope with the current economic situation before the next review.
“But now we are more concerned on ‘give us this day’ — how to survive today before that time,” he said, pointing to rising fuel prices and the additional revenue being generated by the government.
Ajaero also questioned the effectiveness of measures intended to reduce transportation and energy costs, including the Compressed Natural Gas (CNG) programme.
He asked how many vehicles had been converted to CNG and how accessible refuelling stations were to Nigerians.
“Where and where can you refill your tank? How many vehicles have been converted to CNG? How many electric vehicles are on the road?” he asked.
He said addressing inflation, transportation costs, food prices and currency pressures would make it easier for workers to cope with the prevailing economic conditions.
Meanwhile, Chief Executive Officer of XEM Consultants Ltd. and convener of the summit, Dr. Eugenia Ndukwe, said the event was organised to equip senior professionals with strategies and skills needed for a productive and fulfilling retirement.
Ndukwe said the summit covered areas including financial management and planning, health and wellness, entrepreneurship and investment, estate and wealth management, as well as agricultural enterprise systems.
She also noted that digital innovation was changing the way people worked and earned income, creating opportunities for senior professionals to remain productive after formal employment.
According to her, XEM Consultants partnered with Galaxy Backbone to provide participants with digital skills, knowledge and tools to explore opportunities created by technology.
Ndukwe said the summit was designed to promote a new approach to retirement in Africa and help participants develop personalised retirement plans based on their financial circumstances, career goals, health needs and post-service aspirations.
