If the slump in global oil prices continue, state governments may find it difficult to sustain the N18, 000 national minimum wage, chairman of the Nigeria Governors’ Forum, Abdulazeez Yari, has said.
The NGF chairman and Zamfara State governor, however, said the forum would have to sit down with the organized labour with a view to reviewing the minimum wage; either by continuing it or downsizing.
Our correspondent reports that oil prices have hit a near 7-year low with the Brent crude selling under $40.
The future is even gloomier considering the outcome of 11 banks polled by The Wall Street Journal, which predicted that Brent crude, the international oil price benchmark, will average $57 a barrel next year; in other words, crude won’t break $60 a barrel next year.
Yari, who came under fire recently when he first suggested a downward review of the minimum wage, reiterated his position while addressing State House correspondents on Thursday shortly after meeting with President Muhammadu Buhari.
He, however, said contrary to media reports, the NGF had not decided to stop the N18, 000 minimum wage.
Gov. Yari explained that the Governors’ Forum was only looking at the situation in the country and in the global economy.