SDP Ex-Presidential Candidate, Adebayo, Argues Wage Increase Is Not a Solution to Economic Problems”
Prince Adewole Adebayo, the presidential candidate of the Social Democratic Party (SDP) in the 2023 general elections, has expressed his belief that increasing workers’ wages would not significantly improve the economic conditions of workers and Nigerians as a whole.
Adebayo made this statement during a press briefing in Abuja, in response to the growing demands by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for an upward review of workers’ wages.
He explained that simply having more money does not necessarily translate to a better quality of life, especially in the current economic climate.
According to Adebayo, the focus should be on the purchasing power of the currency rather than the volume of money individuals possess.
“It is not the amount of money one has that matters, but rather what that money can buy. We need to understand some basic economics. Having more money does not guarantee you anything,” he stated.
Adebayo emphasized that purchasing power holds greater importance. He illustrated his point by highlighting that everyone living today has more money than Julius Caesar, as the entire British economy during the first thousand years of its existence was not even worth one billion pounds. Therefore, the key factor is the ability of money to purchase essential goods and services.
While acknowledging the concerns raised by labor unions regarding wages, Adebayo asserts that focusing solely on increasing wages may not be the most effective solution to the economic challenges faced by workers and the general population.
His perspective underscores the importance of considering the broader economic factors that influence the purchasing power of individuals, rather than relying solely on wage adjustments as a means to improve living conditions.
Adebayo’s viewpoint contributes to the ongoing discourse surrounding wage increases and economic reforms in Nigeria, highlighting the need for a comprehensive approach that addresses various aspects of the economy to enhance the overall well-being of the populace.
