₦airaland Forum

arithletics:
Before those Nigeria Christian extremists arrive they should know that Bernie Sanders is a Jew.

Stop supporting evil they will not hear, that's why their pastors always scamming them of big big tithe and offering.

Racoon:
Here we are. The figures are speaking for themselves. So Ogun GDP is no more than the SE combined as alleged? GDP is the real assessment index of economic development of a state or nation and not the IGR the taxman of Lagos is inflicting on the nation. Even the current Lagos own @ present is based on the fact that it is a fallout of it being a former capital territory of Nigeria.

Whobedatte:
The current one sounds more classical and melodious

ivandragon:
This piece is entirely my own personal opinion. I welcome constructive criticism.

There is no gain saying that the Nigerian economy is in a mess at the moment. Whether you support the APC or not, the glaring truth is that the present trajectory of the economy is worrisome.

The main issue on the front burner at the moment is the minimum wage.

While labour has proposed 615k which is not realistic, the government has offered 48k which is ridiculous.

Though labour's position can be reasoned with, the truth is that the economy at this time cannot sustain such wage structure across board (government and private levels). The 48k is however too little to make a significant impact on the present level of hardship.

For any minimum wage to be impactful, it must be accompanied with either stability of current prices or more preferably, an immediate reduction in prices (let's leave all the inflation jargons for now).

Given this conundrum, I am of the opinion that Nigeria finds an innovative minimum wage structure to lean on for now. It does not have to copy any other country's pattern, but something unique to our present situation.

It would be a 4 pronged approach.

1. Devolution of the wage structure;
2. Reduction in government expenses;
3. Fixing of customs duties and
4. Addressing corruption through taxation.

1. Devolution of the Wage Structure

There needs to be a partial devolution of minimum wage that would depend on productivity, business structure & revenue. At least for now given our dire situation.

For instance, nano & micro businesses with annual turnover of less than N10m can have a minimum wage of 60k.

Small businesses with annual turnover of over N10m but less than N250m can have a minimum wage of N100k

Medium businesses with turnover of over N250m but less than N1bn can have a minimum wage of N130k.

Big businesses with turnover of over N1bn but less than N10bn can do N160k

Very big businesses can do N180k.

Governments should take a middle stance and do N126k.

Doing this should ease pressure a bit.

2. Reduction in Government Expenses

Cut cost of governance at all levels. To start, all elected officials and political appointees should be placed on the government minimum wage immediately. They should also make sacrifices.

Also, stop all purchase of foreign vehicles by government officials even if such vehicles have already been imported. Buy only locally assembled vehicles. Exceptions would of course be given to specialised vehicles (tractors, trailers, excavators etc) that can't be assembled in Nigeria.

3. Fix Customs Duties

Peg the customs exchange rate at N500 to a dollar. A key reason why goods increase is due to high duties & instability. Government needs to sacrifice a bit by pegging customs duties at N500 for at least 1 year. By this, businesses can plan in the medium to long term.

Of course, the government has to ensure a drastic reduction in prices of goods and services by implementing policies to push down inflation within 6-10 months. So it would have to look at other areas too where levies can be reduced.

4. Address Corruption through Taxation

Rather than tax Nigerians to death, tie everyone's income to assets to taxes. Your assets must reflect your income and your income must reflect in your taxes. That's the only way to reduce corruption and also increase government revenue.

Today, we see people buying multiple cars worth hundreds of millions of naira. Buying houses worth billions every other month. Living extremely lavish lives... yet, their source of income is shrouded in secrecy and taxes are not reflective of thier assets and incomes.

It is ridiculous that a person has assets worth over N1bn but has an annual income of N8m and tax payment of less than N800k... these are the areas government loses money. For those who use fronts and companies, its even easier, check the revenue of the company and than its taxes.

Conclusion

Of course, there are other areas government needs to work on such as security, repairing infrastructure, reducing the overbloated workforce at government level and others, but within the present context of the minimum wage issues, the 4 measures might help.

Thanks for reading...

Ynix:
How is Seychelles able to do it that their minimum wage is $460 that is about 690,000 Naira per month, How is Botswana a landlocked nation in Southern Africa able to do it that the minimum wage is $330 that is about 495,000 Naira.

What about poor Mozambique paying between $150-$250
What about South Africa paying $1,200, or
Kenya $400-$500

The real problem is our approach to Human Development here in West Africa. We have the weakest Human Development Index in the world meaning that we have the lowest wages and Standard of Living.

If Obasanjo upgraded the minimum wage and it improved the standard of living during his first term of Presidency it's over 20 years now should we still be wallowing in what will make us weak or just increase the money and put in mechanism to ensure that the workers produce x10 or even x100 of their pay

bentenny:
You are the one hilariously unintelligent and a glorified olodo!
How much does the private sector currently pay an average worker in their company in terms of minimum wage!
You don't even need a magician or babalawo to tell you that 10% or even less of the private sector can even afford the 30k...the rest are private negotiation based on what the company can pay!
Totally different from FG,states and organised labour!

See how you have prevaricated like an aimless grasshopper from the main point!

I will reiterate that any minimum wage that cannot afford two bags of rice whether in the public or private sector is insensitive,wicked and unacceptable!
If you don't like it,then that's your problem!

You still haven't answered my question because your obviously flawed brain capacity is lacking!

Breakdown the 75k that you are proposing in terms of transportation,feeding,utility bills and shelter...let me know if I am engaging someone with an ounce of brain matter remaining or a beer parlour drunkard!

Olodo promax!

bentenny:
Mr Guy you still don't get it because you are bent on arguing like a roadside tout but forming educated!

Right from the start,it was apparent that to have a proper negotiation with FG one needed not to only be smart but also incorporate a little bit of precedence as a guide!

Based on the antecedents of present and past FG administration,it was mandatory that the use of a hardline in negotiation including 'muscle flexing' was needed to get anything substantial out of an insensitive FG that cares less about it's workers welfare!
And such stance are based on lack of trust for their employers!

The negotiations no matter what you tag it will continue until organised labour gets close to what is desired for it's workers!

The only party involved that I might have some sympathy for is the private sector!
However,as its usual of them,they can come up with an internal negotiation with their workers!
For now,this is between FG,states and organised labour!

Let me reiterate that any minimum wage that cannot comfortably purchase two full bags of rice is unacceptable and wicked!
The workers are not the ones responsible for the inflation rate in the country!
Neither are they the reason why transport cost have quadrupled and yet their salaries remain constant!
They are also not the ones to blame for the removal of subsidy on pms and the mindless floating of the naira!

As much as I doubt your intellectual competence,let me manage to engage you with this question.....if 75k was the maximum that you would get to,can you assist in breaking down this amount in terms of transport,food,shelter and utility bill expenses per month?

bentenny:
You write so much rubbish with confidence!

From the negotiation so far from FG,are they willing to present between 100-150k )without a negotiation?

The answer is absolutely no because they also don't want to be seen to be offering at a point of weakness!

If FG starts with a 100k or more,organized labour will assume they can pay more and also negotiate for more which will put FG in an uncomfortable situation....same applies to organised labour!

That's why both sides hired professionals to ensure no one loses out at the end of the bidding war...the goal is to come up with an amount that will grant both sides a win-win situation!

This is simple basic knowledge of negotiation!

If you don't know,Go to Google and acquire knowledge about negotiation tactics and stop behaving as if your entire schooling was a waste of time and funds!

Lastly,any minimum wage that cannot comfortably buy two full bags of rice is unacceptable!

bentenny:
I believe you should go back and read your own comments while taking your own advise by gaining the same sense that you obviously lack!

How can you present your final bid as the first?
Being aware of a similar action of FG in the last negotiation of the minimum wage during the time of former NLC chairman necessitated bidding higher inorder to achieve their desired endpoint and so far it seems to be working as the FG will likely offer double their second offer when they meet with organised labour again!

That's called negotiation by logic which you obviously lack!

bentenny:
How is it possible that most of you can not decifer simple and basic negotiation tact's!

Even if the intention of labour was to arrive at 100-200k,it will be illogical and unintelligent to start from there as a first negotiation!

The idea of negotiating a price from a higher amount is to offer you some leverage and advantage!

This is what organised labour is exploring!

That's why they crashed the amount to 500k which might likely come down more if FG is able to make a reasonable offer!

id4sho:
My Girlfriend still broke up with me after showing all this.

Very unstable beings

Sultannayef:
It’s more than 27%. Banks do add some percentage on top when lending. You won’t get any loan below 30%.

membranus:
I have never heard of CBN of lowering the MPC interest rate over the years, they are always increasing it. Why?

Paraman:
The steps taking by the CBN so far has made inflation rate slow down. By may, June or July, inflation should start falling

grandstar:
I disagree with you. Inflation needs to be slain. It steals from the most vulnerable and it destroys both consumer and business confidence.

When Germany fully lifted all price controls in 1948, it also chose to be hawkish regarding inflation.

Theres a loss of confidence in the Naira. Even neighboring African economies won't touch it because of its volatility. Fx inflows from Foreign Portfolio Investors are declining and outflows rising.

The MPR should be set at 33%. That would send a strong message that the CBN is now fully ready to kill inflation.

If

bestman09:
Family business!

Still better than the family business by our brothers in the north.

NDLEA must tell us what happened to the cocaine heist in Ikorodu last 2 years and those who were arrested and prosecuted for it before I start taking them seriously again.

triplechoice:
615k for about 5,% of Nigerian workers in the civil service will cause hyperinflation?

You go skol so?

triplechoice:
Who tells you that a fresh graduate will earn 2m if miimum wage is increased to 615k?

That's not how it works in the civil service. The difference is not much.

Ask any civil servants you know to get you better informed before coming to Nairaland

ceejay80s:
They can earn but u can't....
Let me ask u one question...why has no president complained that his salary and allowance is poor and demand for increase?
Why always minimum wagers?
Who's the clown

ceejay80s:
How much is tinubu and his vp salary and allowances ?

Winnin009:
I swear, Nigerians are mad and disgusting. We deserve what we get.

Some individuals are putting their lives on the line and dragging money matter with an oppressive and corrupt government for everyone’s good but most Nigerians are insulting them.

This life ehn.