Atedo Peterside, founder of Stanbic IBTC Bank Plc, has criticized the government’s spending practices, calling them a significant obstacle in the ongoing minimum wage negotiations between the government and labour unions.
Peterside highlighted the government’s “reckless” spending habits, which have created a misleading perception of its financial health.
Peterside stated in a post on his X handle that “The Nigerian minimum wage negotiations were going to be unnecessarily difficult because FG “poisoned” the atmosphere for responsible negotiations by approving a reckless N90bn Hajj Subsidy, luxury SUVs for legislators, etc thereby creating the false impression that FG was rich.”
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have declared an indefinite strike after their demand for a N494,000 minimum wage was rejected by the federal government.
The unions initiated the strike action following the expiration of their May 31 deadline.
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