Candidate of the Action Democratic Party (ADP), Engineer Yabagi Yusuf Sani, has declared that he is not excited about the N30, 000 Minimum Wage agreement reached between the Federal Government and organised labour represented by the Nigerian Labour Congress (NLC), the Trade Union Congress (TUC) and affiliates, stressing that Nigeria has the capacity to adequately pay workers N50, 000 Minimum Wage.
The ADP Presidential candidate, who is also the chairman of the party, believes that in the face of the biting economic conditions precipitated and accentuated by the recession Nigeria needlessly plunged into because of poor handling of the economy by the current administration, the N30, 000 Minimum Wage approved by the Tripartite Committee, will in no way improve the lives of the hapless workers because the value will be swallowed up by inflation.
The ADP Chair maintains that the initial complaints by the federal and state governments of their inability to pay N30,000, was because the federal government has refused to grow the economy by adding value to the oil and gas exports and diversification of other sectors of the economy.
He laments that Nigeria is suffering stunted economic growth today because of distortions in the economy especially the oil and gas sector where the country records humongous losses in billions of dollars on account of less transparent operating system. He adds that while other oil producing countries sell their oil on Cost Insurance and Freight (CIF), which has enabled them have significant control of the product and boosted their shipping and insurance industries, Nigeria sells its oil on Free on Board (FOB), which has led to massive losses perpetrated by devious government officials and their allies in the International Oil Companies (IOCs) for pecuniary interests.
Yabagi, who is an expert in the field of oil and gas economy, noted that the distortions, the wrong operating model and corruption have hobbled development in the sector, which Nigeria largely depends on as a mono economy, adding that it is not surprising that adequate funds are not harnessed from the sector to invest and diversify other sectors, which has led to lack of productivity, job losses in the face of increasing population of job seekers in the country, capital flights, de-investments and poor per capita income of the workers.
He therefore urges Nigerians to align their democratic choices with his candidacy and the ADP as the only credible alternative in the 2019 general elections, promising that within 100 days in office, if voted into power, he will initiate fundamental changes in the oil and gas industry and other sectors of the economy, which will activate massive productivity and recoup funds to pay workers a living wage as is being done in most other oil producing countries.
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