₦airaland Forum

obiekunie01:
Actually, Opay and MoniePoint has killed those useless so called "Big Banks" but the banks dont know it yet. The redundancy that those old banks will do by 2027 will be ground shaking.

I cant remember the last time i did any transaction on my Access Bank, FCMB and GT. In fact, since january 2025 to date, av not been any banking hall. Very useless thieves masquerading as banks.

I know very soon private sector go enter electricity generation and distribution - that will be the end of NEPA and their wahala.

MT:
When you save with them, they give you higher interest return too.

maasoap:
No. It doesn't work that way. There may be a mild inflation following increment in wages but it won't be significant as long as there is no major new economic policies.

Jman06:
This is not true! House rent in Enugu recently rose astronomically and many people are already pressuring government to checkmate the landlords and house agents. So, no landlord would raise house rent above what it is currently. I have stated it here that the main driving forces that lead to increased costs of living are increase in fuel prices, exchange rate of naira vs dollar and maybe increase in government taxes. The meagre increase in minimum wage has little to no effects on cost of living.

gabbasin:
you're just churning out Dangote line of propaganda, as if na today I just dey buy petrol. Let me tell I have been buying petrol for decades, both for industrial use and for my cars. Don't say what yoh you don't know much of.

Iseddy:
Ask yourself was it minimum wage that is causing this current hardship? All this problem started with the removal of subsidy and floatation of exchange rate. The subsidy money where is going into? Instead they are still borrowing more money on top increase in taxes... Because workers are crying out some of you are seeing them as enemies of the masses

Jman06:
With the current cost of living, government has no choice than to increase minimum wage to 200k unless they would agree that civil service would become a part-time job such that workers would not dedicate all their time to working for government. They can work for 2-3 days in a week and use the rest of their time to earn their livelihood.

I initially cited instances of the astronomical increase in house rent in my state of Enugu where rent rose from 300k to 1.5M for 3-bedroom flat. That's just house rent o. Minimum wage should reflect such proportion of increase in living costs in other for the civil servants to survive and give their best. If government cannot increase minimum wage to reflect the current cost of living then they should consider my suggestion above. If government fails to do either of the above, then sooner than later, civil servants would stop paying much attention to their work but look for alternative means of survival.

maasoap:
Who is your Economics teacher? The reason why the prices of goods and services spiked wasn't because of increase to 70k minimum wage but because Tinubu stopped defending naira and removed subsidies on fuels.
The current minimum wage is far below the current inflation. The increase in wages will only play catch up with the current inflation as long as no new dramatic economic policy is introduced

Iseddy:
Check exchange rate before you mock Zimbabwe currency... Their currency has more value than Naira now

onyxo76:
1m nibo? then a bag of rice will be 500k and pure water 20k per bag

nonny1212:
I think 500k $350/ per month is very fair.

Iseddy:
Yes 1M might sound ridiculous but trust me 1M is nothing today, way back as at 2004, 100k then is more than 1M today. Purchasing power of Naira is nothing to write home about. If we should tell ourselves the truth no workers is supposed to be earning less than 500k

Freshtruth:
Theid 1m intop dying economy

epainos:
This is a signal that Nigeria is about to burst. 1m. This kind of inflation ...eh! As in part two will be notirious if this happens.

yorke1:
LOL. Is this a joke? They deserve it, considering how much politicians take home monthly

SmartPolician:
The inflation rate is alarming. If state governors increase the minimum salary, prices of goods and services will increase as if everyone works for the government.

koxyz:
What is the source of this assertion?

Macphenson:
Am watching Al Jazeera, CNN and BBC News together and all trio are on the same page of tankers not crossing, especially since the US Blockade of Iranian ports.

Macphenson:
Oga stop lying, no tanker is passing through the Hormuz now, the deal between US and Iran is yet to be solidified, intact yesterday Trump said he is not in a haste to make a deal with Iran. Try dey watch Al Jazeera and CNN.
Why is Dangote bringing down the prices now?

Jman06:
Your first paragraph is even the reason why increasing the minimum wage is sacrosanct because taxes have increased astronomically under this administration. We are currently being taxed for like never before.

Cost of living has increased by a hundred fold and you still talk about workers salaries causing inflation. Does the humongous amount of money we pay for rents, transport, fuel, and food items not increase money in circulation? Why is it only the meagre salaries civil servants receive that you remember as a source inflation?

If government would not increase minimum wage to at least 200k, then an alternative would be to reduce the number of days civil servants work in a week. Going by their current meagre pay, we can reduce the number of days they work to like twice or even once in a week so that they can use the rest of the days to pursue alternative means of income so as to survive the current high cost of living. Let government weigh both options and agree on which is better for the country.

Are you aware of the current rate of increase in the cost of virtually everything in the country? In Enugu for instance, do you know that the rent for 3-bedroom flat which used to be 300k just some 3 years ago now goes for 1.5M? Just imagine the proportion with which rent increased in just 3 years. Within this same period, cost of virtually everything that supports living has increased in the same proportion as house rents. Despite this humongous increases, civil servants still receive peanuts as salary!

Macphenson:
Dangote should answer that question. Why is he suddenly reducing prices as he heard import licenses have been issued?

Akwara25:
Dangote is the worst thing that ever happened to Nigeria.. He's trying everything to monopolize oil sector in Nigeria but God is above him..

kedeojo:
I didn't condemn him totally if you read my statement but he need to show mercy for his fellow Nigerians. why is he now reducing. it is simply because marketers are be urge by NNPCL to import fuels and he just want to fulstrate them from the market to gain monopoly. like I have always maintain, government be it federal and some oil rich state not investing in the refinery project are foolish.

kokogist:
DANGOTE IS WORKING ON OUR PYSCH

koxyz:
More license should be given to the importers of petrol, this will make us have value for our money.

femi4:
Cut it to N500 if you mean business

MakindeHassan:
Crude oil prices are falling.

Some people think those calling for import licenses are unpatriotic but it is the only way to keep Dangote competitive.

Dangote’s prices should be slightly cheaper than oil that entered ship 3000 miles away, paid export and import charges, wasted time on sea which brings additional finance cost, but he is more expensive.

If import licenses are given, importers will bring in product whenever his prices go above landing cost of imported products. If his prices stay below or at par then the license will be useless but it will keep him in check.

Olatundex22:
Just look at that 🤔 🤔 🤔 i never trust this man cry for once in my life.
Biggest market manipulation we have in Nigeria is Dangote. Government should ensure more licenses is being given out

Macphenson:
NNPC pls issue more licenses. Dangote wants to kill us with monopoly in this country.

Meringe:
Fuel import license that was granted to importers is doing the magic.

Dangote wants to recoup his investment with a year.

Meanwhile refinery is a deep capital project that the recouping should be spread over 20 years.


Dangote, we are supporting you but please don't suffocate us.

gabbasin:
the "substandard" petrol we've been buying for decades before Dangote refinery, Dangote labelling imported fuel as substandard is just propaganda to make us believe imported fuel is cheaper because it's of low quality. In those decades of imported petrol, I only heard issues about "bad fuel" twice.

Jman06:
Minimum wage does not raise prices of goods and services the way increase in fuel prices do. The major driving forces that seem to raise prices in the markets are increased fuel prices and the exchange rates of the naira to dollar.